Access to low-cost Death, lump-sum Total and Permanent Disablement (TPD) and Income Protection (IP) Cover is one of the benefits of being a HESTA member.
Peace of mind
You can rest easy knowing you have cover 24/7 for injury, illness or death β anytime, anywhere.
Easy to manage
Apply and manage your cover online with our handy insurance application portal available at HESTA Member Online. Once you join, premiums are deducted from your HESTA account automatically.
Low cost
Default cover of two units of Death and two units of IP Cover starts at a net cost of just $3.45 per week*.
Cover
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Type
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Description
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Weekly unit cost*
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Cover per unit
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Maximum cover
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Death (including terminal illness to age 74 and 6 months)
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A lump-sum payment upon your death or terminal illness
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$0.72
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$85,000 until age 39 reducing to $0 at age 75
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$5 million for Death
$3 million for terminal illness
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Lump-sum Total and Permanent Disablement (TPD)
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A lump-sum payment if you are unable to work due to injury or illness
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$0.88
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$85,000 until age 39 reducing to $0 at age 70
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No more than Death Cover, capped at $3 million
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|
Income protection (IP)
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An regular (indexed) income payment if you’re unable to ever work again in your own occupation due to injury or illness.
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From $0.21
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$425 per month
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$25,000 per month, limited to 85% of your pre-disability income
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*Concessional super contributions and investment earnings are taxed at 15%. However, HESTA can deduct all or part of insurance premiums from the amount that would be subject to tax. The resulting tax saving is passed on to you as a lower net insurance cost. The costs shown above are based on the full 15% tax deduction of insurance premiums and are estimates only. Actual outcomes may differ depending on HESTA’s eligibility for tax deductions. Rounding has been applied to these figures.
Choice
New members can choose from four Basic Cover options:
- Option 1 (default): two units of Death Cover and IP Cover to age 67 with a 90-day waiting period, or
- Option 2: two units of Death Cover and TPD Cover, or
- Option 3: two units of Death, TPD and IP Cover. IP Cover is limited to age 67 with a two-year benefit term and 90-day waiting period, or
- Option 4: two units of each type of cover, Death, IP and TPD. IP Cover includes benefits and cover to age 67 with a 90-day waiting period.
Eligible members can also apply for up to three times the Basic Cover options.
Flexibility
If our Basic Cover options don’t suit your needs, or you want to change your cover after joining HESTA, you can apply:
- to increase or decrease your units of cover
- to increase or decrease your IP waiting period to 30, 60 or 90-days
- increase or decrease your IP benefit age to 60 or 67
- increase or decrease your IP Cover period to two years or to age 60 or 67
- for fixed Death and/or lump-sum TPD Cover instead of unitised cover.
Meet changing needs
Life Events option lets eligible members change their insurance cover without providing additional health evidence.
Family friendly
HESTA members can access 12 months of cover during parental leave β at no cost β as long you meet the terms and conditions.
Find out more
See Insurance Options for detailed information on insurance available to HESTA members.