changes to insurance

To better reflect the needs of most of our members, we’ve refined insurance cover through HESTA.

Read full details

we're making changes to insurance

 

 

Icon for Super performance

You’ll have options when it comes to your Income Protection insurance cover.

Income Protection benefit payment periods and fees will change.

Icon for Income Stream investments

The maximum amount of Death Cover and Total and Permanent Disablement Cover will change.

 

 

changes from 1 March 2021

The monthly Income Protection (IP) benefit amount you could receive will increase. There’ll also be changes to how long you can receive IP monthly payments and the fees you pay for your cover. 

You can read more details about the changes, including costs, in the Significant Event Notice. 

If you'd like to make changes to your Income Protection Cover now, please select the appropriate button below.

 

 

 

make changes to your Income Protection (IP) Cover by
29 March 2021

Keep my current IP benefit payment period

Standard IP Cover is one or two units with a 90-day waiting period, and a benefit payment period to age 60 or age 67 (whichever applies to you). From 1 March 2021 this will change to up to five years unless you choose to keep your current benefit payment period. 

So you can either:

  • keep your current IP benefit payment period to age 60 or 67 (you can do this  online or download the form below) 

OR

  • move to the new five year IP benefit payment period (you don’t need to do anything - you’ll automatically move to the new benefit period).

Keep my benefit payment period to age 60 or 67 (online)

Keep my benefit payment period to age 60 or 67 (download form)

 

Change my IP benefit payment period

If you have chosen IP Cover that you had to apply to the insurer for, and your current benefit payment period to age 60 or age 67 (whichever applies to you),  your current benefit payment period won't change. You can choose to change your benefit payment period to up to five years.

You can change your benefit payment period online or download and complete the Income protection cover election form below.

Change my benefit payment period to five years (online)

Change my benefit payment period to five years (download form)

 

Increase my IP Cover

If you move to a benefit payment period of up to five years from age 60 or 67, or if you have a two year benefit payment period, you can apply to increase your IP Cover to up to 12 units.

To apply to increase your cover, download and complete the Increasing my Income protection cover form below.

Increase my cover (download form)

 

 

 

 

What do the changes mean for you?

The changes we’re making may impact your current cover and how much it costs. These changes will automatically apply to your insurance from 1 March 2021 based on the cover you hold on 28 February 2021. If you’d like to see what cover you currently have, log in to your online account and select the ‘Insurance’ option.

 


 

 

overview of the changes 

 

To find out what’s changing, select the type of cover that applies to you below. 

Income Protection Cover

Income Protection Cover pays up to 85% of your salary depending on your level of cover, if you’re ill or injured and unable to work. It can help pay the bills so you can focus on getting better.

Standard Cover is one or two units of Income Protection Cover with a 90 day waiting period and a benefit payment up to age 60 or age 67 (whichever applies to you). 

 

Here’s what’s changing

  • The monthly benefit payment will increase to $500 per unit (up from $475 per unit). To find out how many units of cover you have, visit your online account, click on the ‘Insurance’ option and divide your current amount of IP Cover by $475.
  • Your benefit payment period up to age 60 or age 67 (whichever applies to you) will change to a benefit payment period of up to five years. This means the amount you pay for cover will reduce.
 

Here’s what won’t change

  • The $10,200 Permanent Incapacity Support Benefit remains the same. This is available to claim by eligible members that receive an IP payment for two years if they meet certain conditions.
  • A waiting period of 90 days applies to Standard Cover.
 

Your options until 29 March 2021

  • You can choose to keep your current IP benefit payment period to age 60 or age 67 (whichever applies to you) at an increased cost.

 

Keep my cover

OR

 

  • Members who move to a benefit payment period of up to five years can apply to increase their IP Cover to up to 12 units. This increased cover will be at an additional cost.
 

Increase my cover

 

You can get the full details about the changes in the Significant Event Notice.

Income Protection (IP) Cover with a benefit period to age 60 or age 67 that required you to complete a health statement and underwriting to obtain can consist of any number of units with a 30, 60 or 90 day waiting period. 

 

Here’s what’s changing

  • Standard Cover members will have a benefit period of up to five years from 1 March 2021. You can also choose this option, but you need to tell us by 29 March 2021.
  • The monthly benefit payment will increase to $500 per unit (up from $475 per unit). To find out how many units of cover you have, visit your online account, click on the ‘Insurance’ option and divide your current amount of IP Cover by $475.
  • The amount you pay for IP Cover will increase if you don't move to a five year benefit payment period.
 

Here’s what won’t change

  • The $10,200 Permanent Incapacity Support Benefit remains the same. This is available to claim by eligible members that receive an IP payment for two years if they meet certain conditions.
  • Your benefit payment period up to age 60 or age 67 (whichever applies to you) still applies. 
 

Your options until 29 March 2021

  • You can choose to change your benefit payment period to up to five years and reduce the amount you pay.
 

Change my cover

AND

 

  • Members who move to a benefit payment period of up to five years can apply to increase their IP Cover to up to 12 units. This increased cover will be at an additional cost.
 

Increase my cover

 

Income Protection (IP) Cover with a two year benefit payment period can consist of any number of units with a 30, 60 or 90 day waiting period. 

 

Here’s what’s changing 

  • The amount you pay for IP Cover will increase.
  • The monthly benefit payment will increase to $500 per unit (up from $475 per unit). To find out how many units of cover you have, visit your online account, click on the ‘Insurance’ option and divide your current amount of IP Cover by $475.
 

 Here’s what won’t change

  • Your two year benefit payment period will still apply.
  • Your current waiting period (30, 60 or 90 days) will still apply.
  • The $10,200 Permanent Incapacity Support Benefit remains the same. This is available to claim by eligible members that receive an IP payment for two years if they meet certain conditions.
 

Your options until 29 March 2021

  • If you currently have a two year benefit payment period, you can apply to increase your cover to a maximum of 12 units. 

 

Increase my cover

 

The changes to insurance from 1 March 2021 won’t affect any current claims or benefits you’re already receiving. However, for any new claims or benefits after 1 March 2021, there’ll be changes to benefit payment periods, as well as the fees you pay for your Income Protection Cover. 

 

Your options until 29 March 2021

  • If you have Standard Cover of one or two units of Income Protection Cover with a 90 day waiting period and a benefit payment up to age 60 or age 67 (whichever applies to you) you can choose to keep your current IP benefit payment period to age 60 or age 67 (whichever applies to you) at an increased cost.

Keep my cover

  • If you have Income Protection (IP) Cover with a benefit period to age 60 or age 67 that required you to complete a health statement and underwriting to obtain, you can choose to change your benefit payment period to up to five years. This will reduce the amount you pay for cover once you're no longer receving an IP benefit.

 

Change my cover

 
  • You can apply to get cover anytime by visiting your online account and selecting the 'Insurance' option.
  • To be eligible for IP Cover you must be a member, at least age 15 and less than age 67, and not have previously received a lump-sum TPD or terminal illness benefit. A New Events Cover Restriction may apply when cover starts. To find out more read the Product Disclosure Statement

 

You can get the full details about the changes in the Significant Event Notice.

 

Death Cover

Death Cover pays a lump sum to your beneficiaries if you die or if you have a terminal illness.

Standard Death Cover consists of two units to age 75.

 

Here’s what’s changing:

  • The amount you pay for cover will increase
  • The maximum amount of cover you can apply for will be $3 million. If your current cover amount is above $3 million, this will remain the same.

 

You can get the full details about the changes in the Significant Event Notice.

Fixed Death Cover consists of a fixed maximum benefit. Fixed Death Cover pays a benefit amount that doesn't change with age, but the cost of the cover increases. 

 

Here’s what’s changing

  • The amount you pay for cover will increase.
  • The maximum amount of cover you can apply for will be $3 million. If your current cover amount is above $3 million, this will remain the same. 

 

You can get the full details about the changes in the Significant Event Notice.

 
  • The changes to insurance from 1 March 2021 won’t affect any current claims.
 
  • You can apply to get cover anytime by visiting your online account and selecting the 'Insurance' option. 
  • To be eligible for Death Cover you must be a member, at least age 15 and less than age 75, and not have previously received a lump-sum TPD or terminal illness benefit. A New Events Cover restriction may apply when cover starts. To find out more read the Product Disclosure Statement. 

 

You can get the full details about the changes in the Significant Event Notice.

 

Total and Permanent Disablement Cover

Total and Permanent Disablement Cover pays you a benefit if you become seriously disabled and are unlikely to work again.

Fixed Total and Permanent Disablement (TPD) Cover provides a fixed benefit amount until you’re age 61. After age 61,  your cover amount decreases at 10% for each full year until age 70 when cover stops.

 

Here’s what’s changing:

  • The cost of your TPD Cover will change depending on your age.
  • The maximum amount of cover you can apply for will be $2 million. If your current cover amount is above $2 million, this will remain the same. 
 

You can get the full details about the changes in the Significant Event Notice.

Unitised Total and Permanent Disablement (TPD) Cover provides a lump-sum benefit of up to $85,000 per unit in the event of your total and permanent disablement. 

 

Here’s what’s changing

  • The cost of your TPD Cover will reduce if you’re aged 15-34 and increase if you’re aged 35 or over. 
 

You can get the full details about the changes in the Significant Event Notice.

 
  • The changes to insurance from 1 March 2021 won’t affect any current claim where you are awaiting a decision.
  • There’ll be changes to the fees you pay for your cover after 1 March 2021.
 
  • You can apply to get cover anytime by visiting your online account and selecting the 'Insurance' option.
  • To be eligible for TPD Cover you must be a member, or applying to be a member, at least age 15 but less than age 70, and not have already received a Lump sum TPD or terminal illness benefit under any insurance policy. To find out more read the Product Disclosure Statement. 
 

You can get the full details about the changes in the Significant Event Notice.

 

 

Need to check what cover you have?

Log in to your online account and choose the 'Insurance' option.

Don't have an online account yet?

It’s the easiest way to manage your super. Set yours up today. It only takes a few minutes.