changes to insurance

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

Read full details

we've made changes to insurance

 

 

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

Income Protection benefit payment periods and fees have changed.

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The maximum amount of Death Cover and Total and Permanent Disablement Cover have changed.

 

 

changes from 1 March 2021

The monthly Income Protection (IP) benefit amount you could receive has increased. There are also 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.

 

 

What do the changes mean for you?

The changes we’ve made may impact your current cover and how much it costs. These changes 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 changed, 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 five years (previously to age 60 or 67, whichever  benefit period applied). 


Here’s what changed

  • The monthly benefit payment increased 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 $500.
  • Members with Standard Cover at 1 March 2021 automatically changed from a benefit payment period until age 60 or age 67 (whichever benefit period applied) to a benefit period of up to five years unless they requested to keep their cover until age 60 or age 67.
  • The amount you pay for cover changed.
 

Here’s what hasn't changed

  • 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.

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 changed

  • Standard Cover members have a benefit period of up to five years from 1 March 2021. If you did not apply to keep your benefit payment period to age 60 or 67, you have now moved to the five year benefit payment period.
  • The monthly benefit payment has increased 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 $500.
  • The amount you pay for IP Cover increased, unless you moved to a five year benefit payment period.
 

Here’s what hasn't changed

  • 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, unless you requested to change it. 
 

 

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 changed

  • The amount you pay for IP Cover has increased.
  • The monthly benefit payment has increased 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 $500.
 

 Here’s what hasn't changed

  • Your two year benefit payment period still applies.
  • Your current waiting period (30, 60 or 90 days) still applies.
  • 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.

 

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. 

 

 

 
  • 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 changed:

  • The amount you pay for cover has increased.
  • The maximum amount of cover you can apply for is $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 changed

  • The amount you pay for cover has increased.
  • The maximum amount of cover you can apply for is $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 changed:

  • The cost of your TPD Cover has changed depending on your age.
  • The maximum amount of cover you can apply for is $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 changed

  • The cost of your TPD Cover has reduced if you’re aged 15-34 and increased 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 are 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.

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