Take 3 easy steps for National Safe Work Month
Safety at work includes being financially prepared just in case workplace injuries or illness do happen. Find out how you can be confident you and your loved ones are protected when life doesn't go to plan.
4 min read
What is Safe Work Month?
Safe Work Month in October aims to raise awareness and prevent work-related deaths, illness and injuries.
For National Safe Work Month 2024, we're encouraging everyone to remember that safety is everyone’s business.
And safety at work also means being financially prepared for the unexpected.
Safe Work Month stats
Data from Safe Work Australia shows workers made about 128,000 serious workers' compensation claims in 2021–221.
Tragically, 195 people died while doing their job in 2022.
Health and safety, insurance, and your super
Most Australians can get life insurance cover through their superannuation account.
We offer 3 types of cover for Accumulation account holders to offer security and peace of mind for many different situations:
- Death cover
- Total & Permanent Disability (TPD) cover and Total & Permanent Disability Assist (TPD Assist) cover
- Income Protection cover
The cost of insurance premiums could be cheaper for you than insurance outside your super, because we have a group life insurance policy to cover eligible members.
And because those insurance premiums come out of your super balance, you won't feel the pinch in your weekly budget.
Being super safe is as easy as 1, 2, 3
Follow our 3 easy steps below to create your own financial safety net during Safe Work Month.
- Check your insurance
- Know how much you need
- Choose who gets your super when you die
Almost 10 million Australians have insurance through their super, according to the Future of Insurance in Superannuation report by the Association of Superannuation Funds of Australia (ASFA) and Deloitte.2
Your super account could automatically include Death cover, TPD cover, and in some cases Income Protection cover.
If you have an account with us, you can see how much insurance cover you have in Member Online, the app, or your annual statement.
Check your insurance in Member Online
The Financial Services Council's underinsurance report in 2022 estimated that nearly 3.4 million Australians don’t have enough income protection cover. And more than 1 million don’t have enough death and TPD cover.3
Use our Insurance needs calculator for Super Savings or QSuper accounts to work out how much of each type of cover you may need to keep you and your loved ones safe financially.
Use the insurance needs calculator
You can also get personal financial advice over the phone about how much insurance you need in your Super Savings account or QSuper account.4 Or if you have your own financial adviser already, we're happy to work with them to help you.
Your super and insurance benefits aren't automatically included in your Will or estate, so it’s important that you let us know ahead of time.
The law says you can leave your super to your dependants, such as your child or partner, or someone who is dependent on you when you die.
If you make a binding death benefit nomination, you can list your legal personal representative (the executor of your Will) to receive and distribute your super and insurance.
Learn how to nominate a beneficiary
Footnotes
1. Safe Work Australia, Key WHS statistics, accessed 23 August 2024.
2. Association of Superannuation Funds of Australia, The future of insurance through superannuation, accessed 23 August 2024.
3. Financial Services Council, Australia's Life Underinsurance Gap: Research Report, accessed 23 August 2024.
4. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of Sunsuper Financial Services Pty Ltd (SFS) or QInvest Limited (QInvest). Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL 227867) and QInvest Limited (ABN 35 063 511 580, AFSL 238274) are separate legal entities responsible for the financial services they provide. Eligibility conditions apply. See the SFS Financial Services Guide or QInvest Financial Services Guide for more information.