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:
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.