got you covered

Enhanced insurance cover to better meet our members' needs.

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Insurance to suit our members
 

We’re always on the lookout for better ways to help protect our members and their families.

So from 1 March 2018, we’ve partnered with AIA Australia Limited to deliver you great value around-the-clock insurance cover.

 

Cover that changes with you
 

From 1 March 2018, this new cover offers our members protection that better reflects where they may be in life. Some members may now pay more for their cover, depending on where they are in life. And, for many members we’ve achieved a saving that will see a typical member pay 10%* less for insurance over their working life.
 

Let's look at how this works for a typical HESTA member from 1 March 2018

Jenny starts working at age 22 and retires at age 67. Over that time, she will pay $1,494 less in insurance fees and will accumulate $4,019 more in her super account under the new insurance arrangements*. And more in her super now, means more to enjoy later.

 




 


* Assumptions: Start age 22, retirement age 67, starting salary $55,000 p.a., insurance cover two units of Death and Income Protection Cover, starting balance $0, CPI 2.50% p.a., salary inflation 3.50% p.a., investment return 6.70% p.a., superannuation guarantee contribution rate increase in line with legislation.

 

 

 

See how these changes affect you from 1 March 2018

A better fit, at every age

From 1 March 2018, we’ve made some changes to your cover to better reflect where you may be in life.

This means if you have standard cover (previously known as default), you now have more Income Protection Cover and less Death Cover. Plus, you pay less for it - which means even more of your super stays in your account.

We think you’ll be happy with that – but it’s your cover and your choice. Think carefully about your insurance needs and make sure your cover meets them.

Read on for a snapshot on how these changes affect your cover. See full cover and fee
changes here.

 

IP Cover is a great way to protect one of your most valuable assets: you. If you’re unable to work due to illness or injury, your standard IP Cover has increased from $850 to $950 per month for two units of cover.

 

And, to better support our members we’ve also introduced a Permanent Incapacity Support Benefit of $10,200. This money is paid as a lump sum to eligible members with IP Cover, giving you extra support to get back on track.

If you didn’t let us know you’d like to maintain your previous cover amount before 1 March 2018, your standard Death Cover (including terminal illness) has reduced. But, you pay less for it. The good news is, your Death Cover will vary as you age.

 

If you have more than two units of Death Cover, this has been converted to fixed cover at your previously insured amount.

To understand the full changes that occurred to your Death Cover read more here

As well as IP Cover and Death Cover, you may also have optional Lump-sum TPD Cover to support you and your family if you’re ever totally and permanently disabled. Lump-sum TPD Cover has stayed the same, however the cost of this cover has increased.

If you're terminally ill, you can claim your death benefit earlier, when you need it most. You can claim this benefit if you are likely to pass away within 24 months
(previously 12 months).

All eligible members who take employer approved parental leave can get up to 12 months insurance fee-free cover.

We’ve introduced a reduced insurance fee for those members who meet certain occupational criteria.

Find out more or check if you’re eligible here.

Apply for Management Cover here and return completed form to Locked Bag 5136 Parramatta NSW 2124

A better fit, at every age

From 1 March 2018, we’ve made some changes to your cover to better reflect where you may be in life.

This means you have more standard (previously known as default) Income Protection Cover and more standard Death Cover. And, you pay less for it.

Read on for a snapshot on how these changes affect your cover. See full cover and fee changes here.

 

IP Cover is a great way to protect one of your most valuable assets: you. If you’re unable to work due to illness or injury, your standard IP Cover has increased from $850 to $950 per month for two units of cover.

 

And, to better support our members we’ve also introduced a Permanent Incapacity Support Benefit of $10,200. This money is paid as a lump sum to eligible members with IP Cover, giving you extra support to get back on track.

You have more standard Death Cover to better protect you and your family. And you pay less for it.

If you have fixed cover, your cover amount has stayed the same.

As well as IP Cover and Death Cover, you may also have optional Lump-sum TPD Cover to support you and your family if you’re ever totally and permanently disabled. Lump-sum TPD Cover has stayed the same, however the cost of this cover has increased.

If you're terminally ill, you can claim your death benefit earlier, when you need it most. You can claim this benefit if you are likely to pass away within 24 months
(previously 12 months).

All eligible members who take employer approved parental leave can get up to 12 months insurance fee-free cover.

We’ve introduced a reduced insurance fee for those members who meet certain occupational criteria.

Find out more or check if you’re eligible here

Apply for Management Cover here and return completed form to Locked Bag 5136 Parramatta NSW 2124

A better fit, at every age

From 1 March 2018, we’ve made some changes to your cover to better reflect where you may be in life.

Your amount of standard (previously known as default) Death Cover has generally stayed the same. And you’ll benefit from more standard Income Protection Cover.

While your overall insurance fee has gone up, you’re better protected.

How much your insurance fee has gone up depends on your age. See full cover and fee
changes here. Read on for a snapshot on how these changes affect your cover.

IP Cover is a great way to protect one of your most valuable assets: you. If you’re ever unable to work due to illness or injury, your standard IP Cover has increased from $850 to $950 per month for two units of cover.

And, to better support our members we’ve also introduced a Permanent Incapacity Support Benefit of $10,200. This money is paid as a lump sum to eligible members with IP Cover, giving you extra support to get back on track.

Your level of standard Death Cover has stayed the same while the cost of your cover has gone up.

If you have fixed cover, your cover amount has stayed the same and your fees have changed.

As well as IP Cover and Death Cover, you may also have optional Lump-sum TPD Cover to support you and your family if you’re ever totally and permanently disabled. Lump-sum TPD Cover has stayed the same, however the cost of this cover has increased.

If you're terminally ill, you can claim your death benefit earlier, when you need it most. You can claim this benefit if you are likely to pass away within 24 months (previously 12 months).

All eligible members who take employer-approved parental leave can get up to 12 months insurance fee-free cover.

We’ve introduced a reduced insurance fee for those members who meet certain occupational criteria.

Find out more or check if you’re eligible here.

Apply for Management Cover here and return completed form to Locked Bag 5136 Parramatta NSW 2124

A better fit, at every age

From 1 March 2018, we’ve made some changes to your cover to better reflect where you may be in life.

Your amount of standard (previously known as default) Death Cover has stayed the same - and you pay less for it. Plus, you benefit from more Income Protection Cover.

Read on for a snapshot on how these changes affect your cover. See full cover and fee
changes here.

 

IP Cover is a great way to protect one of your most valuable assets: you. If you’re ever unable to work due to illness or injury, your standard IP Cover has increased from $850 to $950 per month for two units of cover.

And, to better support our members we’ve also introduced a Permanent Incapacity Support Benefit of $10,200. This money is paid as a lump sum to eligible members with IP Cover, giving you extra support to get back on track.

Your level of standard Death Cover has stayed the same. And you pay less for it.

If you have fixed cover, your cover amount has stayed the same and your fees have changed.

As well as IP Cover and Death Cover, you may also have optional Lump-sum TPD Cover to support you and your family if you’re ever totally and permanently disabled. Lump-sum TPD Cover has stayed the same, however the cost of this cover has increased.

If you're terminally ill, you'll be able to claim your death benefit earlier, for when you need them most. You'll be able to claim them if you are likely to pass away within 24 months (currently 12 months). 

We’ve introduced a reduced insurance fee for those members who meet certain occupational criteria.

Find out more or check if you’re eligible here.

Apply for Management Cover here and return completed form to Locked Bag 5136 Parramatta NSW 2124

A better fit, at every age

From 1 March 2018, we’ve made some changes to your cover.

Your amount of standard (previously known as default) Death Cover has stayed the same - and you pay less for it.

Read on for a snapshot on how these changes affect your cover. See full cover and fee
changes here.

 

You still receive the same amount of standard Death Cover. And, you pay less for it.

If you have fixed cover, your previous cover amount has stayed the same and your fees have changed.

Death Cover stops at age 75.

As well as Death Cover, you may also have optional Lump-sum TPD Cover to support you and your family if you’re ever totally and permanently disabled. Lump-sum TPD Cover has stayed the same, however the cost of this cover has increased.

Lump-sum TPD Cover stops at age 70.

If you're terminally ill and aged under 70, you can claim your death benefit earlier, when you need them most. You'll be able to claim your death benefit if you are likely to pass away within 24 months (previously 12 months). For those aged between 70 and 75, the previous six month requirement will still apply.

We’ve introduced a reduced insurance fee for those members who meet certain occupational criteria.

Find out more or check if you’re eligible here

Apply for Management Cover here and return completed form to Locked Bag 5136 Parramatta NSW 2124

These changes automatically applied to your cover on 1 March 2018

You can check your new cover in Member Online.