ESI Super pumps up insurance
Friday, 27 November 2009 12:20pm
The $2.7 billion ESI Super has partnered with Australian Income Protection (AIP) and MLC to offer improved insurance to its 21,000 members.
ESI Super is encouraging its new and existing members to take out new income protection cover, provided by AIP, by waiving all underwriting and pre-existing sickness requirements until 29 January 2010.
The new partnership with AIP follows ESI Super's recent review of its insurance providers.
ESI Super chief executive Robyn Petrou said the new income protection range responded to member research which identified a demand for tailored and cost-effective cover.
"During the past 12 months, we've conducted extensive research with our members to identify how we can evolve our insurance product range to better suit their needs. As a result, we have unveiled new death and TPD insurance with MLC and new income protection cover with AIP.
MLC's deal will see the fund's death and TPD insurance cover immediately increase in benefits of up to 35 per cent per unit.
As part of the new income protection insurance product, cover up to $30,000 a month will no longer need to be underwritten under the 2 year benefit payment option, which means evidence of members' good health is not required.
In addition, members can also access income protection cover beyond the two-year benefit period. This option provides an extended benefit payment after the initial two years payments until members reach age 65.
Founded in 1995, ESI Super is a $2.7 billion industry superannuation fund providing complete retirement planning solutions to members. While it continues to serve employees of the energy industry, since November 2009 it is open to the public and has about 21,000 members across Australia.
Company release
