Most people insure their homes and cars, but forget about themselves. Yet your ability to earn an income is one of the most precious assets you own.
How would you cope with the emotional and financial impact of being suddenly unable to work because of illness or injury?
Insurance can help give you peace of mind knowing that if something happens to you, your family can be looked after.
There are many insurance plans out there. To be sure you’re getting the best deal, you should consider your individual needs and always read the fine print.
HESTA's offers access to insurance through ING Life Ltd. Insurance is subject to terms and conditions.
HESTA offers you access to low-cost disability and death insurance
Your HESTA membership gives you automatic access to low cost insurance through ING Life Ltd (subject to eligibility).
Choose from two types of disability cover to help support you and your family if you have to stop work due to illness or injury:
- Income Protection (IP) Cover, and
- Lump-Sum Total and Permanent Disablement (TPD) Cover
HESTA's Death Cover may provide your dependants or estate with a lump-sum payment if you die. This can help ease any financial pressures they may face at an already difficult time.
*Subject to eligibility, policy terms and conditions and payment of premiums. Some exclusions apply. Please call HESTA on 1800 813 327 or download Your HESTA insurance guide to obtain more information. Does not apply to members of HESTA's Personal Super Plan, people working for a small number of employers in special circumstances and people not performing all of their normal duties at the time they join HESTA. The comprehensive cover you've been looking for:
HESTA covers you 24 hours a day, 7 days a week — not just when you're at work (and even if you’ve stopped work).
And, as long as there's enough money in your account to pay premiums, HESTA's cover continues even if you stop making super contributions. Please note that your insurance may lapse if premiums are not paid from your account.
Who is eligible for basic cover?
Most members are eligible for automatic basic cover when they join, provided:
- You must meet the At Work requirement on the day you join HESTA (see Definitions for details).
- If you join HESTA within 6 months of starting employment with a registered participating employer in HESTA, or your employer becoming a registered participating employer (whichever is later), basic cover may be provided without evidence of health.
- If you want to increase your cover you must complete a Personal Health Statement and application form, and your cover will be subject to acceptance by HESTA’s insurer. If you don’t meet the At Work requirement or you wish to change your cover, you’ll be subject to the New Events restrictions (see Definitions for details).
- Restrictions or premium loadings may also apply.
Personal Super Plan members
Personal Super Plan members are covered for New Events (see Definitions) but can upgrade to full cover by completing the Personal Health Statement on the application form in the Your HESTA insurance guide.
Who is not eligible for basic cover?
You will not be eligible for HESTA insurance cover if you:
- are over the cessation age for IP Cover (60, or optionally 65) or for Death cover or TPD Cover (age 70), or
- have already received a lump-sum disablement benefit or equivalent from HESTA.
If you are in one of the categories above, you must complete a Personal Health Statement before the insurer canconsider any application for insurance cover.
Who is not eligible for automatic cover?
You will not be eligible for HESTA insurance cover if you:
- are over the cessation age for IP Cover (60, or optionally 65) or age 70 for Death Cover or TPD Cover, or
- have previously received a lump-sum disablement benefit or equivalent from HESTA
HESTA's insurance is optional
Insurance is an optional benefit of HESTA membership. Not all members need insurance. However, if you decline cover but change your mind later and want insurance, you'll need to complete a Personal Health Statement to be assessed by ING.
If you want to reduce or cancel your insurance through HESTA, simply notify us in writing with your signed and dated instructions.
HESTA offers you flexibility
Because each member has different needs, HESTA gives you the freedom to customise your own insurance. Choose from one of three pre-mixed options or select your own mix of:
- Death Cover: paying your estate or dependants a lump sum if you die before age 70. HESTA’s Death Cover includes Terminal Illness Cover, which may pay you a benefit if you become terminally ill
- Income Protection (IP) Cover: giving you an indexed monthly income until age 60 (or as otherwise agreed) to help you pay your expenses if you have to stop work because of an illness or injury
- Lump-Sum Total and Permanent Disablement (TPD) Cover: providing you with a lump sum if you are permanently unable to work and meet policy requirements.
Optional fixed insurance amount
Under HESTA’s standard unitised cover (cover bought in units), the amount you’re covered for will gradually reduce as you grow older.
If you don’t want your insurance cover to reduce each year, you can apply to retain a fixed level of Death Cover and optional TPD Cover (TPD Cover will still decrease after age 60). With fixed cover, insurance premiums will generally increase as you get older, reducing the amount of your retirement savings. Click here for more details.
Or you can customise your own mix of Death, TPD and IP Cover. See Your HESTA insurance guide for details.
You can choose your level of cover
HESTA understands that not all members have the same needs. So our insurance allows you to apply for the level of disability and death cover, and waiting period for disability cover that suits your circumstances. To apply for higher cover, all you need to do is complete an application form for consideration by ING. Or if you'd like to cancel or reduce your level of cover, simply advise us in writing.
Free cover for parental leave
You can enjoy up to 12 months free cover when you take parental leave — provided your HESTA employer notifies us before your leave commences, your leave meets the applicable award or industrial agreement requirements and your cover hasn't otherwise ended.
You can also make advance contributins to HESTA to cover your premiums during extended periods off work.
You don't have to worry about sending in your premiums
With HESTA, your insurance premiums are deducted directly from your super account, even if you stop work. So as long as you have enough funds in your account, you don't have to worry about remembering to send in your premiums.
To find out more about HESTA's low-cost insurance read the Your HESTA insurance guide.
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