HESTA provides access to low-cost Income Protection (IP) Cover through ING Life Limited that can help support you and your family if you become disabled.
HESTA’s IP Cover can give you an indexed monthly income until age 60 (or optionally 65) to help you pay your expenses. Even if you’re temporarily or partially disabled, you may qualify for a monthly benefit for up to 2 years.
IP Cover at a glance
- HESTA’s standard IP Cover is offered in units of cover with a fixed premium per unit
- HESTA’s basic (default) cover includes two units of IP Cover. For eligible Personal Super Plan members, this automatic cover is for New Events (subject to meeting the At Work requirement). this can be upgraded to full cover by satisfactorily completing the Personal Health Statement in the Your HESTA insurance guide.
- Each standard unit provides a monthly benefit to age 60 with a 90-day waiting period at a cost per unit of $0.90
- The monthly benefit offered by each unit is up to $400 (see the table below)
- You can apply for more cover (up to $20,000 per month/ limited to 84% of your pre-disability salary)
- If you're in the Industry Super Plan, you can apply for up to 6 units of IP Cover using the Personal Health Statement in the New member application form (Personal Super Plan members must complete a full insurance application [see Your HESTA's insurance guide] to increase their cover)
- You can apply for shorter waiting periods, or to extend your benefit period to age 65, with a higher premium
- IP benefits are payable until you reach age 60, or optionally for a two-year maximum benefit period with a lower premium
- Once an IP benefit becomes payable, the benefit amount is indexed each year by the lesser of the annual Consumer Price Index (CPI) or 5%
- The definition of ‘disability’ that applies changes after two years (see the definitions for details)
- You must continue to be disabled under the policy terms to continue to receive IP benefits
- You can't combine IP Cover with TPD Cover except where you limit your IP benefit period to two years (Option 3 under basic cover).
You can use HESTA's Income Protection Benefit Calculator to help you estimate how much insurance you may need and how much it will cost.
Please also refer to these important insurance definitions for a detailed explanation of 'total disability', 'partial disability' and 'disabled'.
| 90-day |
60-day |
30-day |
90-day |
60-day |
30-day |
| 1 |
$400 |
$5,715 |
$0.90 |
$1.20 |
$2.02 |
$1.11 |
$1.56 |
$2.64 |
| 2 (basic cover) |
$800 |
$11,429 |
$1.80 |
$2.40 |
$4.04 |
$2.22 |
$3.12 |
$5.28 |
| 3 |
$1,200 |
$17,143 |
$2.70 |
$3.60 |
$6.06 |
$3.33 |
$4.68 |
$7.92 |
| 4 |
$1,600 |
$22,858 |
$3.60 |
$4.80 |
$8.08 |
$4.44 |
$6.24 |
$10.56 |
| 5 |
$2,000 |
$28,572 |
$4.50 |
$6.00 |
$10.10 |
$5.55 |
$7.80 |
$13.20 |
| 6 |
$2,400 |
$34,286 |
$5.40 |
$7.20 |
$12.12 |
$6.66 |
$9.36 |
$15.84 |
| 10 |
$4,000 |
$57,143 |
$9.00 |
$12.00 |
$20.20 |
$11.10 |
$15.60 |
$26.40 |
| 20 |
$8,000 |
$114,286 |
$18.00 |
$24.00 |
$40.40 |
$22.20 |
$31.20 |
$52.80 |
| 50 |
$20,000 |
$285,715 |
$45.00 |
$60.00 |
$101.00 |
$55.50 |
$78.00 |
$132.00 |
| 90-day |
60-day |
30-day |
90-day |
60-day |
30-day |
| 1 |
$400 |
$5,715 |
$0.25 |
$0.46 |
$0.84 |
$0.36 |
$0.50 |
$0.90 |
| 2 (basic cover) |
$800 |
$11,429 |
$0.50 |
$0.92 |
$1.68 |
$0.72 |
$1.00 |
$1.80 |
| 3 |
$1,200 |
$17,143 |
$0.75 |
$1.38 |
$2.52 |
$1.08 |
$1.50 |
$2.70 |
| 4 |
$1,600 |
$22,858 |
$1.00 |
$1.84 |
$3.36 |
$1.44 |
$2.00 |
$3.60 |
| 5 |
$2,000 |
$28,572 |
$1.25 |
$2.30 |
$4.20 |
$1.80 |
$2.50 |
$4.50 |
| 6 |
$2,400 |
$34,286 |
$1.50 |
$2.76 |
$5.04 |
$2.16 |
$3.00 |
$5.40 |
| 10 |
$4,000 |
$57,143 |
$2.50 |
$4.60 |
$8.40 |
$3.60 |
$5.00 |
$9.00 |
| 20 |
$8,000 |
$114,286 |
$5.00 |
$9.20 |
$16.80 |
$7.20 |
$10.00 |
$18.00 |
| 50 |
$20,000 |
$285,715 |
$12.50 |
$23.00 |
$42.00 |
$18.00 |
$25.00 |
$45.00 |
To find out more about HESTA's Income Protection (IP) Cover, download Your HESTA insurance guide.
Important information
Insurance is available to HESTA members through ING Life Limited ("ING"), and all cover provided is subject to eligibility, payment of premiums and the terms and conditions contained in the insurance policies between HESTA and ING (or the Insurer at the appropriate time).
Any application for new or increased cover is subject to acceptance by ING.
Costs and benefits are current as at July 2007, but may be subject to change.
Further details, including important definitions, are provided in Your HESTA insurance guide.
It’s important to consider the impact of insurance premiums on your retirement savings when you choose your level of cover.
The information in this website is a guide only. Cover is provided on the basis set out in the policy and is subject to certain exclusions. Please read the full text of HESTA documentation for definitions and further details.