HESTA industry fund members generally qualify for basic cover of:

• two units of Death Cover costing $1.20 per week; and
• two units of IP Cover costing $1.80 per week (subject to a 90-day waiting period, with cover and potential benefits until age 60).

This basic package costs $3 per week, automatically deducted from your account.

Basic cover provides:

• IP Cover up to $850 per month ($10,200 p.a.)
• Death Cover up to $170,000 (benefits decrease after age 36) with reduced amounts available right through until your 70th birthday

You may apply for increased cover to a maximum of $25,000 benefit per month ($300,000 p.a.) for IP Cover and $2 million for Death/Lump-Sum TPD Cover. However, income protection benefits are limited to 85% of your pre-disability annual salary. This limit also incorporates other benefits or compensation that you receive.

The premiums for each unit of IP Cover vary depending on the waiting period before benefits are payable, and whether benefits are available until age 60 or 65:

DISCLAIMER: The information provided is a summary only of HESTA's insurance arrangements and the benefits offered. The provision and availability of insurance benefits is governed by the policies of insurance and is subject to terms and conditions. For full details click here.