Take these 3 easy steps to protect you and loved ones
05 September 2023
5
min read
Safe Work Month aims to improve safety and health in your workplace. Check out these 3 easy steps to help protect you and your loved ones if life doesn’t go to plan.
For everyone’s safety, work safely.
October is National Safe Work Month ─ a time to commit to building a safe and healthy workplace. During the month, individuals and organisations are encouraged to prioritise safety in their workplaces and work towards reducing the number of work-related deaths, illness and injuries.
Being safe at work goes beyond what we all do to prevent physical and psychological harm. Safety at work also means being prepared for when life doesn’t quite go the way you plan.
Safe Work Australia data1 shows workers made about 130,195 serious workers compensation claims in 2020-21. And in 2021, 169 people died while doing their job ─ 163 men and 6 women.
When someone gets sick, is injured, or dies as a result of work, it can have devastating effects on them and their family. So it can be important to have your financial safety net ready to ensure you and those you love are protected.
How super can help keep you safe
Most Australians get access to insurance cover through their super account. QSuper, part of Australian Retirement Trust, offers three types of cover, which have been designed to help provide you with security and peace of mind for many different situations. This includes access to:
- Death cover
- Total & Permanent Disability (TPD) cover
- Income Protection cover
When combined with your super, insurance cover can play an important role in ensuring you and your loved ones are protected if something unexpected happens.
Take these 3 simple steps to protect you and those you care about
Check your insurance in case the unexpected happens
Check that your cover is right for your circumstances
Choose who gets your super when you die
1. Check your insurance
Almost 10 million Australians have at least one type of insurance through their super.2
You may automatically have Death cover, TPD cover and, in some cases, Income Protection cover through your super.
2. Know your insurance
The Financial Services Council estimates that nearly 3.4 million Australians don’t have enough income protection cover, and that over 1 million don’t have enough death and TPD cover.3
Learn more about underinsurance here
3. Choose who gets your super when you die
You’re in control of what happens to your super, including any insurance, when you die.
Your super doesn’t automatically form part of your estate. So, it’s important you let us know who to leave your super to.
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.
Nominate beneficiaries
We’re here to help
Regularly taking these 3 simple steps can help ensure you and your loved ones are protected. If you’re unsure what insurance is right for you, or need help with getting your super sorted, call us on 1300 360 750 or speak with your financial adviser.
If you don’t have your own personal financial adviser, and you need advice about your QSuper account, we also have qualified financial advisers4 who can help you over the phone with simple advice about your QSuper account. We include this service with your membership.
1. Safe Work Australia, 17 January 2023, Safe Work Australia, Key WHS statistics Australia 2022, accessed 9 August 2023 at safeworkaustralia.gov.au
2. Association of Superannuation Funds of Australia, 2022, The future of insurance through superannuation, Deloitte Access Economics, accessed 3 August 2023 at superannuation.asn.au
3. Financial Services Council, October 2022, Australia's Life Underinsurance Gap: Research Report, accessed May 2023
4. You can find out more about financial advice options at qsuper.qld.gov.au/advice or by calling us on 1300 360 750. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of QInvest Limited. QInvest Limited (ABN 35 063 511 580 AFSL 238274) is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide at qsuper.qld.gov.au/guides for more information.