committing to the insurance code


HESTA is among the first super funds to commit to signing up to an industry-wide 'insurance in super' code of practice.


What is the Insurance in Superannuation Voluntary Code of Practice all about?

The code provides a framework for super funds that aims to ensure the insurance cover super funds offer their members is affordable and appropriate to their needs.

The code sets out a range of measures including:

  • simpler and easier ways for members to opt out of insurance
  • steps to reduce the number of members who have multiple insurance policies they may not need and could be paying unnecessary fees for, and
  • increased help for members making a claim.

The code also gives funds the flexibility to continue providing unique features and service designed specifically with their members in mind, which is important for HESTA’s members who often move in and out of the workforce, and are frequently employed in casual or part-time roles.

The code of practice will start from 1 July 2018, and funds have until 30 June 2021 to fully implement it. As part of our commitment, we will publish our plans to transition to the code.


What does this mean for you?

It’s all good news. We already meet many aspects of the code by tailor-making our group insurance to suit the specific needs of our members, understanding they’ve got quite different requirements to someone not working in health and community services.

Default insurance cover is provided automatically to eligible members when they join HESTA. It’s provided without the need for underwriting, which means no complicated forms or detailed medical history.

For many of our members, their cover through HESTA may be the only personal insurance they have. It gives you and your loved ones peace of mind knowing they’re protected 24/7, no matter what happens.

So while you don’t need to do anything, it’s important to remember you can change or stop your cover at any time.



Insurance strategy: six things we look for in your insurance



It's a sustainable, simple product design with realistic, competitive pricing, taking into account the demographics and nature of our membership base while being conscious of the need to maximise the retirement outcomes for HESTA members.


Where members pay for insurance, the policy terms support eligibility to make an insurance claim.



 Our Death cover and long-term Income Protection style benefits are structured around the likely needs and best long-term interests of the major cohorts of our membership base.


Market leading disclosure.


Support for HESTA members when on claim with a focus on rehabilitation and mental health support as appropriate.



Service and cultural fit of the partner selected as the insurer.




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