GESB is encouraging its members to evaluate their insurance levels, since cases of underinsurance continue to be a problem in Australia.
It has launched an education campaign that asks members to undertake a three-step application to upgrade their life insurance, eliminating the need for health assessments or medicals.
Eligible members will be able to increase death and disability cover by up to $300,000 and salary continuance cover by an additional $3,000 per month.
General manager of wealth management at GESB, Fabian Ross, said members needed to think about how they would cope in the event of a household member losing their job or their ability to earn an income.
“People don’t believe it will happen to them, but the unfortunate reality is that it probably will. For most people, it’s not realistic to think that a regular income can be replaced by rainy day savings or the sale of their home,” Ross said.
GESB’s insurance partner AIA Australia recently released a new application called LIFEapp to help GESB members determine how much cover they need to protect themselves in the event of death or injury.
Stephanie Phillips, head of group insurance at AIA, said insurance through superannuation was a cost effective means, but the first step for members is determining their current level of protection.
“As with any insurance, the cost of premiums needs to be considered against the cost of being without protection when you most need it,” she said.
