Significant event notice
You can read the significant event notice about insurance changes for more details.
Significant event noticeinsurance is changing from 1 July 2023
Your super supports you in retirement. But protecting your lifestyle today is just as important, which is why eligible members have access to automatic insurance cover as part of their super.
To ensure that our members have access to protection for the times they need it most, and that this cover continues to be sustainable, from 1 July 2023, we’re making changes to the insurance cover available to HESTA members.
insurance fee changes
From 1 July 2023, regardless of the type or amount of cover a member holds, the amount they pay for cover will be determined using their actual age, so the amount they pay for insurance will change each year on their birthday. This means what a member pays for their insurance will more closely align with their age and level of risk.
Insurance fees will reduce for most members, while for others, their insurance fees will increase.
See how the insurance fee changes will affect you
Please note Standard Cover will be known as Default Cover from 1 July 2023.
Depending on a member’s age on their last birthday, the cost of cover may increase or decrease.
To see how much you may pay for your cover from 1 July 2023, view the comparison tables starting from page 9 of the Significant Event Notice.
Members can also log in to their online account to see how much cover they currently have.
Depending on the member’s age on their last birthday, the cost of their cover may increase or decrease.
For details on how fees will be calculated from 1 July 2023, read the Significant Event Notice.
Members can log in to their online account to see how much cover they currently have.
For members receiving an IP benefit, the insurance fee changes will not affect any current claims or benefits they’re receiving.
The insurance fees for IP cover are waived while members are receiving an IP benefit, so the new insurance fees will not apply to IP cover until the IP benefit ceases.
Insurance fees do apply to any death or Total Permanent Disablement (TPD) cover a member has and are not waived while they are receiving an IP benefit.
For details on how fees will be calculated from 1 July 2023, read the Significant Event Notice.
Members can log in to their online account to see how much cover they currently have.
The insurance fee changes will not apply however there are other changes to insurance that apply and a Significant Event Notice will be issued directly to them.
See the Significant Event Notice for full details.
The insurance fee changes will not apply as they only impact members insured under the AIA Australia Policy.
Members that don’t currently have cover because they cancelled their cover, or they chose not to have cover when they joined HESTA, will not be affected by the insurance fee change unless they apply for cover again and then the cover will be under the new fee and policy terms.
For members that don’t have cover because they haven’t yet met the requirements for Standard Cover to start automatically, the insurance fee change will affect them when their Standard Cover (to be known as Default Cover from 1 July 2023) starts.
Members that previously had cover that ended when their account balance was insufficient to pay the cost of insurance, or their cover ended when their account was inactive for 16 months and they did not opt-in to maintain their insurance cover before their account became inactive, can apply for insurance cover at any time. Members can log in to their online account to apply.
Please note: Members who are eligible to automatically receive Standard (Default) cover once their account balance reaches $6,000 and they’re 25 years or older and their account is not inactive, and cover starts for the first time after 1 July 2023, can apply for up to 10 additional units of Death Cover and up to 10 additional units of Income Protection cover within 90 days of the date cover starts. Members can’t apply for this extra cover if their cover re-starts after it was cancelled due to an insufficient account balance to pay the insurance fees, or if their cover stopped due to inactivity.
what else is changing from 1 July 2023?
Introducing an office-based occupation category
From 1 July 2023, we’re introducing an office-based occupation category so more HESTA members can enjoy reduced insurance fees.
To be eligible for the office-based occupation fee reduction, members must meet one of the following criteria:
- Their work is predominantly office-based and requires no manual work.
Or, - They're earning a full-time equivalent salary of $100,000 or more per year and their professional or managerial duties have them spending at least 80% of their time within an office environment; and
- they have either a degree, are a member of a professional or government body necessary for performing their occupation; or
- they have at least 10 years of service in a senior management or executive role.
Members can apply to update their occupation category to the office-based occupation by logging in to their online account.
We’ll send a letter after 1 July 2023 to let members know if their application to adjust their occupational category is successful. The insurance fee for Office-based occupation scale apply from the date approved, but no earlier than 1 July 2023.
Wellness and recovery services to assist your recovery
As one of the benefits of having Income Protection cover, members have access to a dedicated rehabilitation team that includes highly experienced counsellors, physiotherapists, and occupational therapists to support them on their journey of treatment and recovery if they’re on claim.
A dedicated rehabilitation consultant will work with a member to determine what additional support they may need, and can assist with:
- transitioning into getting back on track with wellness and recovery through crisis management support
- navigating accessible treatment options
- stabilising function and wellness through our coaching and CancerAid programs.
If a member is ready to return to work, the rehabilitation team can work with the member and their doctor to establish a tailored ‘successful return to work’ plan which could include workplace assessments, work trials, or provision of a graded return to work plan.
Learn more about Income Protection Cover.
other changes to insurance
A change to the Standard Cover terminology
Standard Cover, the cover that’s automatically provided to eligible members, will be known as Default Cover.
A change to the Standard Extra Cover and Management Extra Cover terminology
Standard Extra Cover and Management Extra Cover will be referred to as Voluntary Cover.
A change to the occupation classifications and fee scales
The Standard occupation classification will be known as the General occupation category. Insurance fees for members in this category will be based on the General occupation scale. The Management occupation classification will be known as the Office-based occupation category. Insurance fees for members in this category will be based on the Office-based occupation scale to allow more members to apply for reduced insurance fees.
Better support for members receiving a Partial Disability income protection benefit
For Income Protection claims that occur after 1 July 2023, we will provide better financial support if a member is attempting a gradual return to work. A member receiving a Partial Disability income protection benefit will have their Income Protection benefit reduced when the total combined income they’re receiving from other income together with their income protection benefit exceeds 100% of their pre-disability income. Previously, members who were partially disabled had their monthly IP benefit reduced once they received more than 85% of their pre-disability income from other income and their income protection benefit.
want more info?
Your insurance options
Visit our insurance page for details on how insurance works and your insurance options.
Learn more about insurance
Insurance advice
Our Superannuation Advisers are ready to talk to you over the phone or in person to help assess your insurance needs.
Book an appointment
Insurance claims
You can make an insurance claim in your online account or by requesting a claims form from us.
Make an insurance claim
Check your current cover
You can check your current cover via your online account.
Log in to your online accountneed extra help?
You can cancel, reduce or apply for more cover anytime – simply log in to your online account.
Get in touch
If you’d like advice about your insurance options, our advisers are ready to talk to you over the phone or in person to help assess your insurance needs.