your insurance options
Protect yourself and your family with low-cost, flexible cover.
Our default Income Protection (IP) Cover provides a monthly benefit to assist you and your family in meeting ongoing living expenses, in the event you are sick or injured and cannot work.
Our IP cover ensures that if you're totally disabled either permanently or temporarily, we’ll pay you a benefit every month until age 67, after a 90-day waiting period during which you cannot work (conditions apply).
Key features
- Low gross cost of $2.06 per unit, per week ($1.75 net) for default cover^
- Cover to age 67
- Monthly disability payments
- Also provides cover for members even if only partially or temporarily disabled
- Option to reduce waiting periods to 30 or 60 days
- Flexibility to change benefit expiry age to 60 or apply for a two-year benefit period
- Fee-free cover for up to 12 months of approved parental leave (for eligible members)
^We are legally required to show the gross insurance fee; however most members actually pay the net insurance fee, which is up to 15% less than the gross cost.
Find out more in Insurance options and Income protection publications.
what is default cover?
When you join HESTA, eligible members automatically receive our default insurance cover, unless you make an alternative insurance choice.
Default cover through HESTA costs just $6.30 gross per week ($5.36 net) and provides two units of Income Protection Cover to age 67 with a 90-day waiting period and two units of Death Cover to age 75.
If default cover doesn't suit your needs, or you want to change your cover after joining HESTA, you can apply through Member Online.
Our default Death Cover provides a lump-sum benefit to help with ongoing expenses and one-off costs your family may face in the event of your death or in some cases, terminal illness.
Key features
- Low gross cost of $1.09 per unit, per week ($0.93 net)^
- Cover to age 75 (benefit expiry age)
- Provides a lump-sum benefit of up to $85,000 per unit, decreasing from age 40, in the event of death or terminal illness
- Choose between unitised or fixed cover
^We are legally required to show the gross insurance fee; however most members actually pay the net insurance fee, which is up to 15% less than the gross cost.
Find out more in Insurance options and Death cover publications.
WHAT IS DEFAULT COVER?
When you join HESTA, eligible members automatically receive our default insurance cover, unless you make an alternative insurance choice.
Default cover through HESTA costs just $6.30 gross per week ($5.36 net) and provides two units of Income Protection Cover to age 67 with a 90-day waiting period and two units of Death Cover to age 75.
If default cover doesn't suit your needs, or you want to change your cover after joining HESTA, you can apply through Member Online.
In addition to the default IP and Death Cover, you also have the option of applying for lump-sum TPD Cover, which provides a lump-sum benefit to assist you and your family in the event you are totally and permanently disabled and unlikely ever to be able to return to work.
Key features
- Low cost of $1.47 gross per unit, per week ($1.25 net)^
- Cover to age 70
- Provides a lump-sum benefit of up to $85,000 per unit, decreasing from age 40, in the event of total and permanent disablement
- Choose between unitised or fixed cover
^We are legally required to show the gross insurance fee; however most members actually pay the net insurance fee, which is up to 15% less than the gross cost.
Find out more - read Insurance Options
transfer your existing insurance
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