Check safety and personal cover during Safe Work Month

October 2020 is Safe Work Month, which aims to improve safety and health in your workplace. It may also be a timely reminder to check your insurance and estate planning, to ensure your loved ones are protected in case you are impacted by an incident at work.

Safe Work Month this year focuses on the ongoing health and safety implications of COVID-19, mental health at work, workplace wellbeing, safety culture and leadership, and health and safety for small businesses.

Under the theme of Work Health and Safety through COVID-19, Safe Work Month acknowledges and reflects the wide-reaching impacts of COVID-19 on Australian businesses, employers and workers.

Safe workplaces

Individuals, families and the broader community are all impacted by work-related injury and illness.

In Australia in 2019, Safe Work Australia preliminary data shows that around 180 people died while doing their job.¹

In 2017-18, around 107,000 people made a workers’ compensation claim for serious injury or illness.²

Life insurance

Your life and your ability to make a living are your greatest asset. Personal insurance provides a financial safety net to help take care of yourself and your family following an unexpected event such as illness, injury or death.

Your super is a good place to start when you check what life insurance you have and when choosing life insurance that’s right for you.

ASIC’s MoneySmart website³ says most super funds offer life insurance, with eligible members typically given default life cover, Total and Permanent Disability (TPD) and income protection cover automatically.

How to check what life insurance you have available

Check your latest superannuation statement or log into your online portal to see what you are currently covered for. For QSuper members you can do this by visiting Member Online.

To make sure you and your family are protected you can use the MoneySmart calculator to help see if there is a gap, or if you’re a QSuper member visit our insurance needs calculator.

Nominate who gets your super

Your super, including any life cover, doesn't automatically form part of your estate, and can't just be included in your Will. To ensure your loved ones are protected, you may nominate who you would like to receive your super if the worst should happen.

With QSuper, there are three nomination options:

If you have an Accumulation account, you can make a binding death benefit nomination as to who you would like to receive your super (and any insurance benefit you may have) in the event of your death.

If you have an Income account, you can either make a binding death benefit nomination or choose to nominate someone to continue receiving your Income account payments.

You have the option not to make a nomination.

A binding death benefit nomination lets you decide who will receive your super (including any insurance benefit you may have) in the event of your death.

There are rules about who you can nominate to receive your super. Generally, a super beneficiary is someone who is dependent on you at the time of your death. You can nominate one or more of your dependants.

If you are making a binding death benefit nomination, you can also choose to nominate your legal personal representative (the executor of your Will) to receive your super and distribute it according to your Will.

So, this Safe Work Month, be sure to check your insurance to ensure your loved ones are protected in the event of an unfortunate incident at work.

Find out more about Safe Work Month

We’re here to help

QSuper members have access to over-the-phone financial advice. Personal financial advice may help members save money right now, build a better future retirement, protect what they have and set strategic goals.

Find out more

1. Safe Work Australia, 26 June 2020, About National Safe Work Month, at www.safeworkaustralia.gov.au
2. Safe Work Australia, 10 January 2020, Australian Workers’ Compensation Statistics 2017-2018.
3. ASIC, MoneySmart, Insurance through super accessed 11 September 2020, at www.moneysmart.gov.au