Last year the fund implemented significant changes to its insurance arrangements for members of its West State Super scheme.
These benefits included higher levels of automatic death and disablement cover for most members, cheaper premium rates on death and total and permanent disability cover, and an extension of cover to age 65 for disablement or 70 for death. The previous eligible age was 60.
Other benefits included continuous death and disablement cover even when public sector employment ceases and options to purchase additional insurance cover, or to decrease and opt out to suit individual circumstances
“We are in the process of implementing changes to the salary continuance insurance benefits that would provide a contribution to the member’s superannuation account in addition to paying an income replacement benefit. This will ensure that a member’s superannuation balance continues to grow during any absence from work,” GESB general manager of marketing and strategy Collene Hansen said.
Hansen said the revamped insurance benefits were in response to demand for greater insurance coverage and more flexibility to tailor cover to suit individual circumstances.
The fund has also extended the insurance coverage to all its members including police, prison officers and casual employees.
Hansen said member feedback has been positive, with the insurance arrangements offering members an opportunity to engage with the fund.
“Many members still have limited knowledge of superannuation and life insurance and these changes provided an opportunity for GESB to engage with members and illustrate the value of holding insurance cover through superannuation,” she said.
