Insurance options to protect you and your family - Hesta
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Insurance options
to protect you and your family
1 October 2018
The information in this document forms part of the following product disclosure statements:
• HESTA product disclosure statement issued 1 October 2018
• HESTA personal super product disclosure statement issued 1 October 2018
ensure
insure
andwhat’s inside?
Welcome to HESTA 3 Issued by H.E.S.T. Australia Ltd ABN 66 006 818 695
AFSL No. 235249 Trustee of Health Employees
Superannuation Trust Australia (HESTA) ABN
Help at your fingertips 4 64 971 749 321.
Information in this document forms part of the
Insurance through HESTA 5 HESTA Product Disclosure Statement (PDS) issued
1 October 2018 and the HESTA Personal Super
Product Disclosure Statement issued 1 October 2018.
Income Protection (IP) Cover 10 The information is current at the date of preparation
10 September 2018 and may change from time to
time. Where a change is materially adverse we will
Death Cover 15 issue a supplementary or replacement document.
This document includes information that has
Lump-sum TPD Cover 19 changed from previous Insurance Options booklets.
Changes that are not materially adverse are
available free of charge at hesta.com.au or by
Other things you should know calling 1800 813 327. To access other parts of
the relevant PDS visit hesta.com.au/pds, or call
1800 813 327. Before making a decision about HESTA
– Important information about insurance through HESTA 25 products you should read the relevant Product
– Important information about IP Cover 30 Disclosure Statement, and consider any relevant
risks (hesta.com.au/understandingrisk).
– Important information about Death Cover 36
This document does not relate to the HESTA Income
– Important information about Lump-sum TPD Cover 38 Stream. Refer to the HESTA Income Stream PDS for
information about that product.
– Insurer’s disclosure and privacy information 41
The information provided in this document is
HESTA education and advice – how can we help? 42 general information only and does not take account
of your personal financial situation or needs. You
should look at your own financial position and
Forms Included within requirements before making a decision. You may
wish to consult an adviser when doing this.
The information in this document is a guide only.
At the date of this publication, insurance is available
Low-cost to HESTA members through AIA Australia Ltd
ABN 79 004 837 861 AFSL No. 230043 (‘HESTA’s
standard insurance insurer’, ‘the insurer’, ‘our insurer’). Part of the
insurance fees will be used to pay insurance
from the moment you administration costs.
All cover provided is subject to the terms and
become an eligible conditions contained in the insurance policies
between the Trustee of HESTA and the insurer.
HESTA member The full terms and conditions, including any
exceptions or offsets as well as detailed definitions
and requirements contained in the policies, take
precedence over this guide. Fees quoted include
stamp duty and taxes which may change over time,
affecting the amount of fees.
For up-to-date information visit hesta.com.au or
call 1800 813 327.
This document has been produced to international
environmental management standard ISO14001
MySuper by a certified green printing company using
recycled paper.
authorised H.E.S.T. Australia Limited has engaged Industry
24/7 account access default option strength in numbers Fund Services Limited (IFS) ABN 54 007 016 195 AFSL
No 232514 to facilitate the provision of financial
advice to members of HESTA. Advice is provided by
one of our financial planners who are Authorised
income Representatives of IFS. Fees may apply. Information
about these advice services are set out in the
protection relevant Financial Services Guide, a copy of which is
available by calling 1300 138 848. IFS is responsible
for any advice given to you by its Authorised
all the way Representatives. H.E.S.T. Australia Ltd has shares
in the company that owns IFS, but does not receive
to age 67 any commissions as a result of members using
their services. HESTA Associate Superannuation.
a truly national fund Advisers and HESTA Superannuation Advisers are
representatives of H.E.S.T. Australia Limited.
contact us
hesta@hesta.com.au | 1800 813 327 | Locked Bag 5136, Parramatta NSW 2124 | hesta.com.au
Product ratings are only one factor to be considered when making a decision.
See hesta.com.au/ratings for more information.
2welcome to HESTA
HESTA is the largest fund in Australia dedicated to health and
community services.
As a HESTA member, you can access low-cost, flexible insurance cover through your super.
This guide provides important information about insurance cover through HESTA, including fees,
benefits, limitations and exclusions.
It also provides information on the full suite of insurance options available to you and how you
can apply for different levels of cover.
Strength in numbers
HESTA has more than 850,000 members and $46 billion in assets, and is the largest
industry super fund dedicated to health and community services. Our size means we
can keep fees low and provide education and advice to members about their super
– at no extra cost. Find out more at hesta.com.au
Strong long term investment performance
Since its inception in 1987, our default investment option – Core Pool – has delivered well
above its target return over the long term.* Visit hesta.com.au/returns for information on
the current and historical performance of all HESTA investment options.
A truly national fund
Our team of Client Relationship Managers, Member Education Managers,
Superannuation Advisers and Financial Planners supports HESTA members and
employers throughout Australia. Find out more at hesta.com.au/service
24/7 access to your account
Update and check your HESTA account online 24/7. Log in or register for online access
today at hesta.com.au/mol
Added extras
Access valuable extra services like low-cost banking and discounted health insurance.
Visit hesta.com.au/extras for more details.
The recognition you deserve
We work with key organisations to present awards to Australia’s top nurses, midwives, early childhood
educators and people working in aged care, the community sector and primary health care.
Visit hestaawards.com.au for more information on the programs we run to recognise your industry.
*Past performance is not a reliable indicator of future performance
3at your
fingertips
A quick guide to help you on your insurance path
I want to... Call us Member Online Paper form
Increase my standard cover for death and/or Increase your standard
IP cover to 6 units within 6 months of joining 3 8 cover on joining form
(HESTA super members under 55 years)
Apply for insurance cover Insurance cover
— 3 application form
Increase my cover Insurance cover
— 3 application form
Convert my death cover and lump sum TPD cover Insurance alteration form
— 8
(if any) from units to fixed cover
Convert my death cover and lump sum TPD cover Insurance alteration form
— 8
(if any) from fixed cover to units
Apply to change my occupational classification Insurance alteration form
— 3
to management
Transfer insurance cover from another fund — 8 Insurance transfer form
Apply for fee free insurance cover while on Ask your employer to
parental leave — 8 complete the notification
of parental leave form
Remove New Events Cover restriction within Removing new events
6 months of joining (HESTA Personal Super — 8 cover restriction on
members under 55 years) joining form
Remove New Events Cover restriction Insurance cover
— 3*
(members over 55 years on joining) application form
Reduce my cover 3 3 Insurance alteration form
Cancel my cover 3 3 Insurance alteration form
Supported worker – insurance alterations Supported workers
3 8
insurance alterations form
Change my nominated beneficiaries Change of member
— 3 details form
Make or change a binding death benefit Binding death benefit
— 8
nomination nomination form
*Complete Adjust current cover via the insurance portal tab.
Call us on 1800 813 327
Log into your Member Online account – hesta.com.au/mol
Find and complete a paper form available at – hesta.com.au/forms
4insurance
through HESTA
This section details the key features and benefits of death and disability insurance through HESTA
– including the insurance fees, benefit limits and available cover.
Is insurance through HESTA right for me?
Do you want a flexible insurance option you can tailor to suit your needs? yes no
Are you looking for low-cost, flexible insurance cover you won’t have to pay yes no
for from your weekly budget?
Do you want death, temporary disability cover or total and permanent yes no
disablement cover 24/7 for injury and ill health, not just when you’re at work?
Thinking of starting a family and need cover that continues during parental yes no
leave?
If you answered ‘yes’ to any of the above questions, insurance through HESTA may suit your needs.
Read on to find out more about the low-cost convenient options available to you as a HESTA member.
Check your cover
Find out what existing cover you may have by either:
• logging into your Member Online account at hesta.com.au/mol
• checking your Annual statement
• calling 1800 813 327.
HESTA members and HESTA Personal Super members
In this guide 'HESTA members' refers to members who join through the HESTA product disclosure
statement issued 1 October 2018 (HESTA super), or who joined as 'HESTA members' before
1 October 2018.
In this guide 'HESTA Personal Super members' refers to members who join through the HESTA
Personal Super product disclosure statement issued 1 October 2018 (HESTA Personal Super),
or who joined as 'HESTA Personal Super members' before 1 October 2018.
5overview
Insurance through HESTA helps
protect you and your family About insurance
through HESTA
Cover 24 hours a day, seven days a week
It is important you read all
Insurance through HESTA provides cover for injury, of the information in this guide
illness or death anytime, anywhere (subject to eligibility). before making decisions about
insurance through HESTA.
You’re covered for longer
Standard Income Protection (IP) Cover right up to the This guide provides information
Age Pension age of 67. about the terms and conditions
of our insurance policies from
Standard Death Cover until age 75. I March 2018. If you had insurance
Lump-sum Total and Permanent Disablement (TPD) through HESTA before that date
Cover to age 70, subject to approval by the insurer. some of the terms and conditions
Your cover continues throughout your HESTA membership are different.
unless you cancel it, but cover may not apply to you in all To be eligible for insurance
circumstances (see later sections of this guide for details). cover through HESTA, you must
meet the terms and conditions
It’s convenient
listed under Eligibility criteria
Insurance fees are automatically deducted from your HESTA on page 25.
super or HESTA Personal Super account every month, so you
don’t have to remember to renew your insurance every year. If you’re eligible for cover,
there are specific terms and
It’s low cost conditions about when your
HESTA buys its insurance in bulk and we pass on any cover will start and what
insurance tax savings we're eligible to receive straight back happens if you have more than
to our members, meaning insurance through us is generally one account with HESTA. See
cheaper than insuring individually. pages 25 and 27 respectively for
detailed information.
It’s flexible This information is only a guide.
You can tailor your type and level of cover to suit your Insurance cover is provided
changing needs. solely on the basis of our group
policies with the insurer and is
Cover during approved parental leave subject to the conditions of
We won’t charge insurance fees for your insurance cover those policies. Insurance fees
while you take up to 12 months of approved parental leave and cover provided may be
while working for an employer. See page 28 for terms and subject to future variation.
conditions.
6available cover
through HESTA
Income Protection Cover Lump-sum Total and
Income Protection Cover (IP) provides a monthly benefit to assist Permanent Disablement
you and your family in meeting ongoing living expenses, in the (TPD) Cover
event you are sick or injured and cannot work. You also have the option of
See pages 11-14 for more information on IP Cover. applying for Lump-sum TPD
Cover, which provides a lump-
sum benefit to assist you and
Death Cover your family in meeting ongoing
Death Cover provides a lump-sum benefit to help with ongoing and one-off costs, in the event
expenses and one-off costs your family may face in the event of you are totally and permanently
your death or in some cases, terminal illness. disabled and unlikely ever to be
able to return to work.
See pages 15-18 for more information on Death Cover.
See pages 19-21 for more
Comparing your insurance options information on Lump-sum
TPD Cover.
Income Lump-sum
Death
Benefit Protection TPD
Cover
Cover Cover
Low cost 3 3 3
Cover for death
(including terminal illness) – 3 –
Cover for partial disability 3 – –
Cover for total and temporary
disability 3 – –
Cover for total and permanent
disability 3 – 3
Unitised cover 3 3 3
Fixed cover option – 3 3
Monthly benefit 3 – –
Lump-sum benefit – 3 3
Lump-sum Permanent
Incapacity Support Benefit 3 – –
(after a qualifying period)
Option to reduce waiting
periods and change the 3 – –
benefit period
7insurance fees
and benefits
Insurance cover is provided in units unless you choose fixed cover. Each unit provides a set benefit amount for
an insurance fee which is calculated weekly and deducted monthly from your HESTA super or HESTA Personal
Super account. Benefit amounts and insurance fees may vary depending on your age and income.
For Death Cover and Lump-sum TPD Cover, you can apply to fix your benefit amount. This is subject to agreement
by the insurer. Fixed cover means your insurance fees will generally increase as you age while your sum insured
will typically remain the same. As insurance fees increase as you age, the cost of cover would be expected to be
greater than if you select unitised cover, where the sum insured will tend to decrease as you age.
You can also apply for extra units of cover, up to the maximum limits listed below. Total insurance fees per week
for two units of standard cover varies with your age. Please see the table below:
Age at Gross Income Protection Gross Death Cover Total gross Estimated net
last insurance fee per week $ insurance fee per week $ insurance fee insurance fee
birthday (2 units)# (2 units)# per week $ per week $*
15-24 0.44 0.32 0.76 0.65
25-34 1.14 0.94 2.08 1.77
35-44 3.30 2.36 5.66 4.81
45-54 5.38 2.68 8.06 6.85
55-64 6.42 2.60 9.02 7.67
65-66 0.78 1.36 2.14 1.82
67-74 N/A 1.36 1.36 1.16
# Weekly insurance fee for two units of standard Death and IP Cover. IP Cover ceases at age 67. Fees shown are for the standard occupational insurance fee scale.
IP Cover provides cover and benefits to age 67 after a 90 day waiting period.
* Amounts have been rounded to the nearest cent for disclosure only.
Gross lump-sum Estimated Net lump-sum
Cover Type insurance fee per week per unit*
insurance fee per week per unit^
Optional Lump-sum TPD Cover $1.56 $1.33
*Amounts have been rounded to the nearest cent for disclosure only.
^Fees shown are for the standard occupational insurance fee scale.
Cover available
Cover Type Cover per unit Maximum cover
Income Protection $25,000 per month capped at 85% of your
$475 per month per unit
Cover Pre-Disability Income
Varies with age (see page 18) $5 million for death
Death Cover reducing to $0 at age 75 $3 million for terminal illness
Optional Lump-sum $85,000 until age 39, $3 million
TPD Cover reducing to $0 at age 70
How many units of cover you have will depend on whether you have standard cover, or whether you have
chosen standard extra cover.
Gross and net insurance fees
As you read through this guide you’ll notice we quote both the gross and net insurance fees. This is
because we are legally required to show the gross insurance fee.
The good news is, generally members actually pay the net insurance fee, which is up to 15% less than
the gross insurance fee. This is because HESTA is able to claim a tax deduction for the cost of providing
insurance, which we pass on to members, resulting in a lower net insurance fee.
8Standard cover Cover Units
This is the cover you receive automatically if you don’t make an alternative
insurance choice when you first join HESTA.
Standard cover includes two units of IP Cover and two units of Death Cover. IP Cover IP 2
for this option is cover and benefits available to age 67 after a 90-day waiting Death 2
period. Standard cover for members may provide New Events Cover only in some
circumstances. (See below to understand what New Events Cover means.)
Standard extra cover available when you first join HESTA Units
Cover (including
(through your employer) standard cover)
Under age 55
If you are under age 55, within six months of joining HESTA complete the Short
Personal Health Statement (Section 6B) in the New HESTA member application form IP Up to 6
(contained in the HESTA PDS) to apply for up to four additional units of IP Cover to Death Up to 6
age 67 with a 90-day waiting period and/or Death Cover. This allows a total of up
to 6 units including standard cover. This cover is subject to approval by the insurer.
Aged 55 and over
If you are aged 55 and over, complete the full Insurance cover application form within
this guide to apply for standard extra cover. – –
Note: HESTA Personal Super members are not eligible for this standard extra cover on joining but can apply for standard extra cover by
completing the full Insurance cover application form at any time. This is subject to approval by the insurer.
New Events Cover
New Events Cover means the member is only covered for claims arising from a sickness which first
becomes apparent or an injury which first occurs on or after the date cover last commenced, or was
reinstated in respect of the member.
Management occupation classification Please note, AIA (the Insurer) has approved a set
number of professional institutes or bodies. If you
When joining, HESTA members and HESTA Personal Super don’t hold a degree or work in a management
members automatically receive cover at the standard position and are unsure if you qualify, contact
occupational insurance fee scale. If a member is eligible, AIA on 1800 043 782 or for further information
they can apply to pay for cover at a rate which better please read Insurance cover for management
reflects their circumstances. The change in insurance fees available at hesta.com.au/forms
will take effect from the date their application is approved
and is subject to the same terms and conditions applying Changing your cover
to their standard or standard extra cover.
New and existing members can apply for any
Where a member changes their occupational scale to
mix of IP Cover, Death Cover or Lump-sum TPD
management their cover is known as management or
Cover (up to the maximum cover shown in the
management extra cover.
table on page 8) at any time by completing the
The following criteria applies for the management full insurance cover application form (within this
insurance fee occupational scale: guide). Alternatively, you can also apply through
a) the member is engaged in a white collar occupation Member Online at hesta.com.au/mol This cover
and is earning at least $100,000 per annum including is subject to the approval of the insurer.
fringe benefits* (pro rata for part time)^, and The term 'standard extra cover' refers to any
b) the duties of the member's occupation are limited to variation to standard cover. This may be cover
professional or managerial duties (at least 80% within greater than standard cover, and for IP Cover also
an office environment), and refers to cover that has a benefit payment period
other than to age 67 or a waiting period other
c) the member meets one of the following:
than 90 days. Standard extra cover starts from
• holds a degree which is necessary for performing when your application is approved by the insurer.
my occupation, or
Before you make changes to cover
• is a member of a professional or government
institute or body which is necessary for performing Insurance fees will vary depending on the level
my occupation, or and type of insurance you have. Increasing
your insurance fees will reduce your retirement
• has 10 years of service in a senior management
savings, so it’s important to consider this when
or executive role.
changing your cover.
* This amount can include fringe benefits, but excludes any superannuation guarantee
contributions by your employer. You must have enough funds in your HESTA super
^ For example, if the member works three days per week and earns $63,000 per annum,
their full time equivalent would be $105,000, which is more than the minimum amount.
or HESTA Personal Super account to cover the
insurance fees or your cover will stop. In some
circumstances you may need to top up your
account in advance. 9income protection
cover
This section details the key features and benefits of Income Protection (IP) Cover through HESTA – including the
insurance fees, benefit limits and available cover.
Is IP Cover through HESTA right for me?
Would you struggle to pay the bills if you had to take time off work due to injury or yes no
illness?
Is your job your only source of income? yes no
Do you want to be able to maintain your current lifestyle if you’re sick or injured and yes no
unable or unlikely to work?
Are you looking for low-cost, flexible Income Protection Cover you won’t have to yes no
deduct from your weekly budget?
If you answered 'yes' to any of the above questions, IP Cover through HESTA may be right for you. Read on to
find out how you can protect your income if you are injured or ill.
What do IP Cover and
benefits to age 67
mean for me?
This means if you're totally disabled, you may be
eligible to receive a benefit every month until age 67.
See pages 30-35 for full details.
Key features What's covered?
• low gross insurance fee between $0.22 per unit Unitised cover 3
per week and $3.21 per unit per week (depending
on your age) for standard cover and benefits to Fixed cover 8
age 67 (with a 90 day waiting period). This is the
Cover for total and temporary disability 3
cover received automatically on joining
• monthly disability payments Cover for total and permanent disability 3
• also provides cover if you’re only partially disabled Cover for partial disability 3
or temporarily disabled
Monthly disability payments 3
• the flexibility to change your cover expiry age to
60, apply for a two-year benefit period or reduce Option to reduce waiting periods 3
the waiting period from 90 to 60 or 30 days. These
changes may be subject to approval by the insurer. Lump-sum Permanent Incapacity Support
Benefit (after a qualifying period) 3
10income protection
cover at a glance
Limitations Eligibility
Each unit provides a maximum To be eligible for IP Cover you must be a member, at least age 15 and
monthly benefit of $475. As such, less than age 67, and not have previously received a Lump-sum TPD
standard IP Cover provides you with or terminal illness benefit. HESTA Personal Super members and other
a maximum monthly benefit of $950 members over age 55 are provided with New Events Cover when
(i.e. two units). joining. HESTA members ( joining through their Fund Employer) not in
You can apply for more units. Active Employment when their cover starts receive New Events Cover
Benefits are limited to 85% of your until they return to Active Employment. Members who have previously
Pre-Disability Income up to a opted out of being covered (or provided a written request for cover
maximum monthly benefit of $25,000 to cease) when previously a member also receive New Events Cover.
(see pages 30-35 for details). HESTA members joining more than six months after they first started
IP Cover stops at age 67 unless you’ve employment with their Fund Employer* or their employer becoming a
opted for cover to age 60. Different Participating Employer* are also subject to New Events Cover. HESTA
benefit expiry ages may apply to Personal Super members are only entitled to standard cover if they
those currently claiming IP benefits. satisfy the At Work requirement. New Events Cover may also apply in
other circumstances. See page 25-27 for full eligibility requirements.
Members receiving IP benefits
or on claim for an event prior to
Qualifying for an income benefit
1 March 2012 are subject to
additional limitations (see page 33). To qualify for payment of benefits, you must meet the policy
definitions listed under Important information about IP Cover on
If you’ve chosen a two-year benefit
pages 30-35. Our insurer will pay you a benefit in circumstances
period, payments will cease at the
where you are Totally or Partially Disabled after the end of the
end of the two-year payment period.
relevant waiting period.
In addition, partial disability benefit
payments will only be paid for a Exclusions
maximum of 24 months in aggregate
IP benefits will not be paid if your claim is caused directly or indirectly
(i.e. the total of total disability and
by: any war or an act of war; an intentional self-inflicted act; or
partial disability benefits). Refer to
pregnancy, childbirth or miscarriage (in some circumstances).
page 31 for further details. In some
See additional information on exclusions page 33.
circumstances, disability benefit
payments will be reduced or totally
Other terms and conditions
offset (see page 32).
Additional terms and conditions apply. For information on the full
terms and conditions applicable see pages 30-35.
* Refer to page 26 for these definitions.
11Permanent Incapacity Support Benefit
From 1 March 2018, HESTA has introduced a unique feature to our IP Cover
which will allow eligible members to claim a lump-sum payment to support
them when they are unable to return to work in certain circumstances.
Members with IP Cover who suffer a disabling event on or after 1 March 2018
will be eligible to claim $10,200:
• after receiving IP benefits for a qualifying period of two years; and
• where they meet the relevant policy definition.
Or, for a member with IP Cover who is ineligible to make an IP claim because:
• their IP Cover started after 1 July 2014; and
• they are unemployed for more than 90 days at the time the disabling
event occurs.
if they suffer a disabling event which gives rise to a claim that occurs on or
after 1 March 2018, they may be eligible to claim $10,200 after a three month
qualifying period where they meet the relevant policy definition.
The relevant policy definition is:
The member suffers an injury or illness and as a result of that injury or illness,
they are:
a) totally unable to engage in any occupation, business, profession or
employment at the end of the qualifying period; and
b) determined at the end of the qualifying period to be permanently
incapacitated to such an extent as to render them unlikely ever to engage
in any gainful occupation, business, profession or employment for which
they are reasonably suited by education, training or experience.
Where eligible, this benefit will be paid to your superannuation account
rather than as income and will be accessible as a lump sum.
Where a member's IP Cover is New Events Cover, any Permanent Incapacity
Support Benefit will also be provided as New Events Cover.
The Permanent Incapacity Support Benefit can only be claimed once,
even if you leave and re-join HESTA at a later date.
If you are over age 65 and become eligible to claim a disability benefit you
will be ineligible to claim a Permanent Incapacity Support Benefit in these
circumstances. Members who are ineligible to claim a disability benefit at
this age may be eligible to claim a Permanent Incapacity Support Benefit
in some circumstances.
12work out your IP cover
IP Cover insurance fees
Weekly gross and estimated net insurance fee for one unit of Income Protection Cover for the relevant age
band and occupational insurance fee scale providing a maximum benefit of $475 per month. These fees are
in $ and inclusive of stamp duty.
To age 67 benefit payment period
90 day 60 day 30 day 90 day 60 day 30 day
waiting period waiting period waiting period waiting period waiting period waiting period
Age last Gross fee per unit $ per week Estimated net fee per unit $ per week^
birthday Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt.
15-24 0.22 0.15 0.28 0.20 0.47 0.33 0.19 0.13 0.24 0.17 0.40 0.28
25-34 0.57 0.40 0.72 0.51 1.22 0.85 0.48 0.34 0.61 0.43 1.04 0.72
35-44 1.65 1.16 2.09 1.47 3.53 2.47 1.40 0.99 1.78 1.25 3.00 2.10
45-54 2.69 1.88 3.36 2.35 5.65 3.95 2.29 1.60 2.86 2.00 4.80 3.36
55-64 3.21 2.24 3.91 2.74 6.56 4.60 2.73 1.90 3.32 2.33 5.58 3.91
65-66 0.39 0.28 0.51 0.36 0.87 0.61 0.33 0.24 0.43 0.31 0.74 0.52
To age 60 benefit payment period
90 day 60 day 30 day 90 day 60 day 30 day
waiting period waiting period waiting period waiting period waiting period waiting period
Age last Gross fee per unit $ per week Estimated net fee per unit $ per week^
birthday Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt.
15-24 0.16 0.11 0.21 0.15 0.35 0.24 0.14 0.09 0.18 0.13 0.30 0.20
25-34 0.40 0.28 0.53 0.37 0.89 0.62 0.34 0.24 0.45 0.31 0.76 0.53
35-44 1.16 0.81 1.54 1.08 2.58 1.81 0.99 0.69 1.31 0.92 2.19 1.54
45-54 1.87 1.31 2.47 1.73 4.13 2.89 1.59 1.11 2.10 1.47 3.51 2.46
55-59 2.19 1.53 2.89 2.02 4.81 3.37 1.86 1.30 2.46 1.72 4.09 2.86
Two-year benefit payment period (Cover expiry age of 67)
90 day 60 day 30 day 90 day 60 day 30 day
waiting period waiting period waiting period waiting period waiting period waiting period
Age last Gross fee per unit $ per week Estimated net fee per unit $ per week^
birthday Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt.
15-24 0.07 0.05 0.09 0.06 0.16 0.11 0.06 0.04 0.08 0.05 0.14 0.09
25-34 0.17 0.12 0.23 0.16 0.41 0.29 0.14 0.10 0.20 0.14 0.35 0.25
35-44 0.48 0.34 0.66 0.46 1.19 0.83 0.41 0.29 0.56 0.39 1.01 0.71
45-54 0.78 0.55 1.07 0.75 1.92 1.34 0.66 0.47 0.91 0.64 1.63 1.14
55-64 0.93 0.65 1.26 0.89 2.24 1.57 0.79 0.55 1.07 0.76 1.90 1.33
65-66 0.11 0.08 0.16 0.11 0.29 0.20 0.09 0.07 0.14 0.09 0.25 0.17
Two-year benefit payment period (Cover expiry age of 60)
90 day 60 day 30 day 90 day 60 day 30 day
waiting period waiting period waiting period waiting period waiting period waiting period
Age last Gross fee per unit $ per week Estimated net fee per unit $ per week^
birthday Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt. Std. Mgmt.
15-24 0.05 0.03 0.08 0.06 0.15 0.10 0.04 0.03 0.07 0.05 0.13 0.09
25-34 0.12 0.08 0.21 0.15 0.37 0.26 0.10 0.07 0.18 0.13 0.31 0.22
35-44 0.34 0.24 0.60 0.42 1.08 0.76 0.29 0.20 0.51 0.36 0.92 0.65
45-54 0.55 0.39 0.98 0.68 1.75 1.22 0.47 0.33 0.83 0.58 1.49 1.04
55-59 0.66 0.47 1.16 0.81 2.05 1.43 0.56 0.40 0.99 0.69 1.74 1.22
Please note the use of 'Std. gross' above refers to 'Standard gross' and 'Mgmt. gross' refers to 'Management gross'.
^Estimated net insurance fees have been rounded to the nearest cent for disclosure.
13IP Cover insurance fees
Step 1 Step 2
Determine the monthly Using the table below, put in the units of cover from calculation at left to
cover units you need. determine your weekly insurance fee.
85% of your income# Number of IP units Gross insurance Est. net insurance Weekly
per month for your cover choice fee per week for fee per week for insurance fee
your age your age
$
(A) X (or) =
(your before-tax income
per month x 0.85)
Visit hesta.com.au/covercalculator to work out your net IP insurance fee online.
÷ $475 =
Total IP units required
(A)
(payments are limited
to 85% of your income,
round units to the nearest
whole number)
# Employment income includes
employer superannuation
contributions and fringe
benefits and self employed
income includes concessional
contributions. Self-employed
income is reduced by business
expenses.
14death cover
This section details the key features and benefits of Death Cover through HESTA – including the insurance
fee, benefit limits and available cover.
Is Death Cover through HESTA right for me?
Would your family struggle to pay the mortgage if you died suddenly? yes no
Would your partner need to cover the cost of child care and home help if you yes no
died?
Do you want to make sure your family isn't left with expenses when you die? yes no
Do you want to leave something for your loved ones? yes no
Do you want cover for death, but dislike having to remember to renew policies yes no
and pay insurance fees from your weekly income?
If you answered ‘Yes’ to any of the above questions, Death Cover through HESTA may be right for you.
Read on to find out how you can help provide for your loved ones if you die.
What if I want my
benefits to remain
the same as I age?
If you want your benefits to remain the same
as you age, you can fix your Death Cover.
See page 22 for more information
about fixing your benefits.
15death cover
at a glance
Limitations
Key features
Standard cover is offered in units with an insurance fee which is age based,
• low gross insurance generally in 10 year age bands (see page 18 for details).
fee per unit which is
generally age based Each unit provides a set level of cover depending on your age. You can apply
in 10 year age bands for up to $5 million of Death Cover.
• cover to age 75 Terminal illness benefits are limited to a maximum of $3 million (or the insured
(benefit expiry age) value if lesser).
• provides a lump-sum You can apply for and hold more optional Lump-sum TPD Cover than Death
benefit increasing Cover however, you are required to hold at least some Death Cover in order
progressively from age to apply for optional Lump-sum TPD.
15–39 before decreasing If you become eligible to claim a terminal illness benefit, any Lump-sum TPD
from age 40 you hold will be reduced by any terminal illness benefit paid. See terminal
• choose between illness benefits on page 36 for more information.
unitised and fixed cover. Any payment of a Lump-sum TPD will reduce your Death Cover by the same
amount (potentially to zero if your Lump-sum TPD payment is equal to or
greater than your Death Cover amount).
Death Cover reduces to zero at age 75.
Eligibility Qualifying
What's covered?
To be eligible for Death Cover you must To qualify for terminal illness
be a member, at least age 15 and less benefits under your Death
Unitised cover 3 Cover, you must meet the
than age 75, and not have previously
received a Lump-sum TPD or terminal terms and conditions outlined
Option to fix cover 3 illness benefit. HESTA Personal Super on page 36.
members and other members over age
Cover for
8
55 are provided with New Events Cover Exclusions
disablement when joining. HESTA members ( joining
Death benefits will not be paid
through their Fund Employer) not in
if your claim is caused directly
Cover for death 3 Active Employment when their cover
or indirectly by war outside of
starts receive New Events Cover until they
Australia. A death benefit will
return to Active Employment. Members
Benefit payable for however be payable, if you die
3 who opted out of being covered (or
terminal illness while on war service. In some
provided a written request for cover
circumstances, a pandemic
to cease) when previously a member
Lump-sum benefit 3 illness exclusion may apply,
also receive New Events Cover. HESTA
see page 37 for full details.
members joining more than six months
Monthly benefits 8 after they first started employment with
their Fund Employer* or their employer Other terms
Option to reduce becoming a Participating Employer* are and conditions
8
waiting periods also subject to New Events Cover. HESTA Additional terms and
Personal Super members are only entitled conditions apply. For
to standard cover if they satisfy the At information on the
Work requirement. New Events Cover may full terms and conditions
also apply in other circumstances. See applicable see pages 36-37.
page 25-27 for full eligibility requirements.
* Refer to page 26 for these definitions.
16work out your death cover
Work out your weekly Death Cover insurance fee
Benefit amount you would like cover for $
÷
Benefit amount for one unit at your age (see table on page 18) $
=
Number of units (round up units to nearest whole number)
x
Unit insurance fee for your age (see page 18)
=
Your Death Cover weekly insurance fee
✓✓Visit hesta.com.au/covercalculator to work out your Death Cover
Why do unitised benefits
decrease from age 40?
Insurance in super is about balance.
When you’re starting out, you will have a lower
super balance, so we provide insurance to
help you cover the gap as your super grows.
17Death Cover
Age Total standard Cover $ Gross fee per unit $ per week Estimated net fee per unit $ per week^
(last birthday) cover $ (2 units) per unit Standard Management Standard Management
15 50,000 25,000 0.16 0.11 0.14 0.09
16 50,000 25,000 0.16 0.11 0.14 0.09
17 50,000 25,000 0.16 0.11 0.14 0.09
18 50,000 25,000 0.16 0.11 0.14 0.09
19 50,000 25,000 0.16 0.11 0.14 0.09
20 50,000 25,000 0.16 0.11 0.14 0.09
21 50,000 25,000 0.16 0.11 0.14 0.09
22 50,000 25,000 0.16 0.11 0.14 0.09
23 50,000 25,000 0.16 0.11 0.14 0.09
24 50,000 25,000 0.16 0.11 0.14 0.09
25 134,900 67,450 0.47 0.33 0.40 0.28
26 134,900 67,450 0.47 0.33 0.40 0.28
27 134,900 67,450 0.47 0.33 0.40 0.28
28 134,900 67,450 0.47 0.33 0.40 0.28
29 134,900 67,450 0.47 0.33 0.40 0.28
30 134,900 67,450 0.47 0.33 0.40 0.28
31 134,900 67,450 0.47 0.33 0.40 0.28
32 134,900 67,450 0.47 0.33 0.40 0.28
33 134,900 67,450 0.47 0.33 0.40 0.28
34 134,900 67,450 0.47 0.33 0.40 0.28
35 185,600 92,800 1.18 0.82 1.00 0.70
36 185,600 92,800 1.18 0.82 1.00 0.70
37 185,600 92,800 1.18 0.82 1.00 0.70
38 185,600 92,800 1.18 0.82 1.00 0.70
39 185,600 92,800 1.18 0.82 1.00 0.70
40 170,000 85,000 1.18 0.82 1.00 0.70
41 168,000 84,000 1.18 0.82 1.00 0.70
42 153,000 76,500 1.18 0.82 1.00 0.70
43 138,000 69,000 1.18 0.82 1.00 0.70
44 124,800 62,400 1.18 0.82 1.00 0.70
45 114,000 57,000 1.34 0.94 1.14 0.80
46 103,800 51,900 1.34 0.94 1.14 0.80
47 97,200 48,600 1.34 0.94 1.14 0.80
48 90,300 45,150 1.34 0.94 1.14 0.80
49 84,000 42,000 1.34 0.94 1.14 0.80
50 76,800 38,400 1.34 0.94 1.14 0.80
51 70,200 35,100 1.34 0.94 1.14 0.80
52 64,200 32,100 1.34 0.94 1.14 0.80
53 59,100 29,550 1.34 0.94 1.14 0.80
54 54,600 27,300 1.34 0.94 1.14 0.80
55 50,400 25,200 1.30 0.91 1.11 0.77
56 46,500 23,250 1.30 0.91 1.11 0.77
57 43,200 21,600 1.30 0.91 1.11 0.77
58 39,900 19,950 1.30 0.91 1.11 0.77
59 36,900 18,450 1.30 0.91 1.11 0.77
60 34,200 17,100 1.30 0.91 1.11 0.77
61 31,500 15,750 1.30 0.91 1.11 0.77
62 28,800 14,400 1.30 0.91 1.11 0.77
63 26,100 13,050 1.30 0.91 1.11 0.77
64 23,700 11,850 1.30 0.91 1.11 0.77
65 17,400 8,700 0.68 0.47 0.58 0.40
66 15,300 7,650 0.68 0.47 0.58 0.40
67 13,200 6,600 0.68 0.47 0.58 0.40
68 11,400 5,700 0.68 0.47 0.58 0.40
69 10,200 5,100 0.68 0.47 0.58 0.40
70 8,400 4,200 0.68 0.47 0.58 0.40
71 7,500 3,750 0.68 0.47 0.58 0.40
72 6,600 3,300 0.68 0.47 0.58 0.40
73 5,700 2,850 0.68 0.47 0.58 0.40
74 4,800 2,400 0.68 0.47 0.58 0.40
75 0 0 N/A N/A N/A N/A
18
Please note the use of 'Std. gross' above refers to 'Standard gross' and 'Mgmt. gross' refers to 'Management gross'. ^Net Insurance fees have been rounded to two decimal
places for disclosure only. #Where a member applies for and is accepted for management cover their cover will be known as management or management extra cover.lump-sum total and
permanent disablement
(TPD) cover
This section details the key features and benefits of Lump-sum TPD Cover through HESTA – including
the insurance fee, benefit limits and available cover.
Our Lump-sum TPD cover is commonly referred to as ‘Any Occupation’ cover.
Is Lump-sum TPD Cover through HESTA right for me?
Would you struggle to pay the bills if you suffered an injury or illness that meant you yes no
could never work again?
If you were injured and permanently unlikely to work again, would you need yes no
a lump-sum payment to cover medical and home care?
Would you need to modify your home if you suffered total and permanent disablement? yes no
Are you looking for low-cost, flexible insurance cover you won’t have to deduct from your yes no
weekly budget?
If you answered ‘Yes’ to any of the above questions, Lump-sum TPD Cover through HESTA may be right for
you. Read on to find out how you can cover yourself for total and permanent disablement.
Why would I get Lump-sum
TPD Cover if I already
have IP Cover?
Lump-sum TPD Cover provides a
lump-sum benefit if you are sick or
injured and unlikely to ever work again.
This can be useful if you need to cover
large one-off medical expenses,
modify your home or obtain care.
19lump-sum TPD
cover at a glance
Limitations
Key features
You need to apply for Lump-sum TPD Cover (see the Insurance cover
• low insurance fee of $1.56 application form in this guide or hesta.com.au/mol).
gross per unit, per week
($1.33 est. net) for cover under You cannot take Lump-sum TPD Cover as a stand alone cover;
the standard occupation it must be combined with Death Cover.
insurance fee scale Offered in units with a set weekly insurance fee per unit
• cover to age 70 (benefit (see page 21 for details). Each unit provides a lump-sum level
expiry age) of cover depending on your age.
• provides a lump-sum benefit Your Lump-sum TPD Cover can exceed the amount of your Death Cover
of up to $85,000 per unit, however, you are required to have at least some Death Cover in order
decreasing from age 40, to be eligible to apply for Lump-sum TPD Cover.
in the event of total and If you have Death and Lump-sum TPD Cover and you receive a Lump-
permanent disablement sum TPD benefit payment this will reduce your remaining Death Cover
• choose between unitised by the same amount (potentially to zero if your Lump-sum TPD payment
or fixed cover (subject to is equal to or greater than your Death Cover amount).
agreement by the insurer). Any payment of a terminal illness benefit will also reduce any
Lump-sum TPD Cover by the same value. Lump-sum TPD Cover does
not provide a benefit if you’re only partially or temporarily disabled.
What's covered? Lump-sum TPD Cover reduces to zero at age 70.
Unitised cover 3 Eligibility
To be eligible for Lump-sum TPD Cover you must be a member, or
Option to fix cover 3 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
Cover for total and any insurance policy. See page 25 for full eligibility requirements.
8
temporary disability
Qualifying
Cover for total and To qualify for payment of Lump-sum TPD benefits, you must meet the
permanent disability
3 requirements listed on pages 38-40 under Important information about
Lump-sum TPD Cover.
Cover for partial
disability
8 Exclusions
Lump-sum TPD benefits will not be paid if your claim is caused directly
Monthly benefits 8 or indirectly by: an act of war outside of Australia; or your intentional
self-inflicted act.
Lump-sum benefits 3 Other terms and conditions
Additional terms and conditions apply. For information on some of the
key terms and conditions applicable see pages 38-40.
Occupational fee scale
Where you are able to satisfy the criteria on page 9 you can apply
for cover at the management occupational fee scale. For Lump-sum
TPD Cover the insurance fee for management cover is $1.09 per unit per
week (gross), $0.93 per unit per week (estimated net).
20work out your
lump-sum TPD cover
Work out your weekly insurance fee Lump-sum TPD Cover
for Lump-sum TPD Cover
Age Lump-sum TPD benefit
(last birthday) for each unit $
Benefit amount you would like
cover for $ Up to 39 85,000
÷ 40
41
84,000
76,500
Benefit amount for one unit
at your age (see table on right)
$ 42 69,000
= 43
44
62,400
57,000
Number of units (round up units
to nearest whole number) 45 54,750
46 51,900
x
47 48,600
$1.56 gross standard insurance fee
($1.33 est. net standard insurance fee per week) 48 45,150
= 49
50
42,000
38,400
Your Lump-sum TPD Cover
weekly insurance fee 51 35,100
*If you satisfy the criteria for management insurance fee scale $1.09 gross 52 32,100
($0.93 est. net) would apply, subject to insurer approval.
53 29,550
54 27,300
55 25,200
56 23,250
57 21,600
58 19,950
59 18,450
60 17,100
61 15,750
62 14,400
63 13,050
64 11,850
65 8,700
66 7,650
67 6,600
68 5,700
69 5,100
70 0
21fixing your death cover
and lump-sum TPD cover
Insurance cover is offered in units. Insuring in units means your insurance fees
Key features generally don't increase as much when you age. Your benefit amount will
• Maintain the change and will decrease from age 40.
benefit amount of For example, though Death Cover starts at a lower value and increases to age
your Death Cover 39 the benefit per unit for Death Cover then decreases from $92,800 to $85,000
and optional on your 40th birthday and continues to decrease progressively until your benefit
Lump-sum TPD expiry age. Insurance fees for each unit of Death Cover is age based (generally)
Cover as you age. in 10 year age bands. For Lump-sum TPD the insurance fee per unit is the same
• Cover for a regardless of your age. Just the cover amount changes as you age.
specific dollar See the tables on pages 18 and 21 for full details of the benefit per unit at
value. various ages for Death Cover and Lump-sum TPD Cover.
• Insurance fees If you don’t want your cover to vary as you age, you can fix your Death Cover
usually increase and Lump-sum TPD Cover. Fixing your cover means your benefits stay the same
as you age. as you age up until age 75 for Death Cover and age 61 for Lump-sum TPD
Cover. As your sums insured stay the same this means that your insurance fees
will tend to increase with your age.
cover*
cover*
Unitised Death
Unitised Death $400,000
$400,000
Lump-sum
Lump-sum Cover
TPD TPD Cover
FixedFixed
CoverCover $300,000
$300,000
$200,000
$200,000
$100,000
$100,000
$0 $0
30 30 35 35 40 40 45 45 50 50 55 55 60 age
60 age
*This graph compares four units of cover against $300,000 of fixed cover.
Limitations
If you fix your Lump-sum TPD Cover, your benefit amount will be fixed until you reach age 61 at which point
your cover amount will decrease in equal amounts, 10% for each full year until age 70 when cover stops.
If applicable, the insurance fee payable will be based on the reduced Lump-sum TPD Cover. Fixed cover is
available in multiples of $1,000.
Changing between fixed and unitised options
You can switch between unitised and fixed. Death and Lump-sum TPD Cover at any time by completing the
Insurance alteration form available at hesta.com.au/forms
If you change from the unitised to the fixed option, your existing cover will be rounded up to the nearest
$1,000 fixed value.
If you switch from the fixed to the unitised option, you will be provided the same number of units to equate
to your current level of fixed cover (rounded up to the nearest unit value).
Where your level of cover increases because you switch from the fixed option to the unitised option,
the increased cover will be New Events Cover only.
22fixing your death &
lump-sum TPD cover
Work out your weekly fee for fixed cover
Step 1
Look up the insurance fee for fixed Death Cover and/or Lump-sum TPD Cover
you want at your current age.
Your current age
Death Cover sum insured needed $ (A)
Lump-sum TPD Cover sum insured needed $ (B)
Death Cover insurance fee $ (C)
Lump-sum TPD Cover insurance fee $ (D)
Refer to table on page 24
Step 2
Your calculations
$ (A)
Death Cover insurance fee
$1,000
x
$ (C)
=
$ (E)
per week
$ (B)
Lump-sum TPD Cover insurance fee
$1,000
x
$ (D)
=
$ (F)
per week
Step 3
Total weekly insurance fee
$ (E) + $ (F) = $
Visit hesta.com.au/covercalculator to work out your insurance fee online
✓✓The insurance fee for fixed cover will generally increase significantly as
you grow older, reducing your retirement savings.
23Fixed cover insurance fee per week for $1,000 sum insured
Age Gross Death $ Gross Lump-sum TPD $ Est. net Death^ $ Est. net Lump-sum TPD^ $
(last birthday)
Standard Management Standard Management Standard Management Standard Management
15 0.0133 0.0093 0.0030 0.0021 0.0113 0.0079 0.0026 0.0018
16 0.0133 0.0093 0.0030 0.0021 0.0113 0.0079 0.0026 0.0018
17 0.0133 0.0093 0.0030 0.0021 0.0113 0.0079 0.0026 0.0018
18 0.0133 0.0093 0.0030 0.0021 0.0113 0.0079 0.0026 0.0018
19 0.0133 0.0093 0.0030 0.0021 0.0113 0.0079 0.0026 0.0018
20 0.0127 0.0089 0.0034 0.0023 0.0108 0.0076 0.0029 0.0020
21 0.0121 0.0085 0.0038 0.0026 0.0103 0.0072 0.0032 0.0022
22 0.0112 0.0079 0.0038 0.0026 0.0095 0.0067 0.0032 0.0022
23 0.0105 0.0073 0.0041 0.0029 0.0089 0.0062 0.0035 0.0025
24 0.0097 0.0068 0.0042 0.0029 0.0082 0.0058 0.0036 0.0025
25 0.0090 0.0063 0.0043 0.0030 0.0077 0.0054 0.0037 0.0026
26 0.0086 0.0061 0.0046 0.0032 0.0073 0.0052 0.0039 0.0027
27 0.0084 0.0059 0.0049 0.0035 0.0071 0.0050 0.0042 0.0030
28 0.0083 0.0058 0.0054 0.0038 0.0071 0.0049 0.0046 0.0032
29 0.0083 0.0058 0.0059 0.0041 0.0071 0.0049 0.0050 0.0035
30 0.0084 0.0059 0.0068 0.0047 0.0071 0.0050 0.0058 0.0040
31 0.0086 0.0061 0.0075 0.0053 0.0073 0.0052 0.0064 0.0045
32 0.0088 0.0062 0.0087 0.0061 0.0075 0.0053 0.0074 0.0052
33 0.0095 0.0066 0.0101 0.0070 0.0081 0.0056 0.0086 0.0060
34 0.0102 0.0071 0.0113 0.0080 0.0087 0.0060 0.0096 0.0068
35 0.0108 0.0075 0.0130 0.0091 0.0092 0.0064 0.0111 0.0077
36 0.0117 0.0082 0.0148 0.0104 0.0099 0.0070 0.0126 0.0088
37 0.0124 0.0087 0.0173 0.0121 0.0105 0.0074 0.0147 0.0103
38 0.0134 0.0094 0.0198 0.0138 0.0114 0.0080 0.0168 0.0117
39 0.0146 0.0102 0.0231 0.0161 0.0124 0.0087 0.0196 0.0137
40 0.0159 0.0111 0.0269 0.0189 0.0135 0.0094 0.0229 0.0161
41 0.0173 0.0121 0.0312 0.0218 0.0147 0.0103 0.0265 0.0185
42 0.0185 0.0130 0.0354 0.0248 0.0157 0.0111 0.0301 0.0211
43 0.0195 0.0136 0.0400 0.0280 0.0166 0.0116 0.0340 0.0238
44 0.0206 0.0145 0.0446 0.0312 0.0175 0.0123 0.0379 0.0265
45 0.0217 0.0152 0.0498 0.0349 0.0184 0.0129 0.0423 0.0297
46 0.0228 0.0160 0.0560 0.0392 0.0194 0.0136 0.0476 0.0333
47 0.0244 0.0171 0.0635 0.0444 0.0207 0.0145 0.0540 0.0377
48 0.0261 0.0182 0.0725 0.0507 0.0222 0.0155 0.0616 0.0431
49 0.0282 0.0198 0.0833 0.0584 0.0240 0.0168 0.0708 0.0496
50 0.0308 0.0216 0.0953 0.0667 0.0262 0.0184 0.0810 0.0567
51 0.0337 0.0237 0.1082 0.0757 0.0286 0.0201 0.0920 0.0643
52 0.0369 0.0258 0.1218 0.0852 0.0314 0.0219 0.1035 0.0724
53 0.0401 0.0281 0.1363 0.0955 0.0341 0.0239 0.1159 0.0812
54 0.0435 0.0304 0.1504 0.1052 0.0370 0.0258 0.1278 0.0894
55 0.0471 0.0329 0.1640 0.1148 0.0400 0.0280 0.1394 0.0976
56 0.0508 0.0355 0.1785 0.1249 0.0432 0.0302 0.1517 0.1062
57 0.0550 0.0385 0.1940 0.1357 0.0468 0.0327 0.1649 0.1153
58 0.0594 0.0416 0.2105 0.1473 0.0505 0.0354 0.1789 0.1252
59 0.0641 0.0449 0.2285 0.1599 0.0545 0.0382 0.1942 0.1359
60 0.0693 0.0485 0.2487 0.1741 0.0589 0.0412 0.2114 0.1480
61 0.0754 0.0527 0.2723 0.1906 0.0641 0.0448 0.2315 0.1620
62 0.0826 0.0577 0.3004 0.2102 0.0702 0.0490 0.2553 0.1787
63 0.0910 0.0637 0.3334 0.2334 0.0774 0.0541 0.2834 0.1984
64 0.1004 0.0703 0.3709 0.2596 0.0853 0.0598 0.3153 0.2207
65 0.1456 0.1019 0.4134 0.2894 0.1238 0.0866 0.3514 0.2460
66 0.1674 0.1172 0.4624 0.3237 0.1423 0.0996 0.3930 0.2751
67 0.1926 0.1349 0.5192 0.3634 0.1637 0.1147 0.4413 0.3089
68 0.2206 0.1544 0.5870 0.4109 0.1875 0.1312 0.4990 0.3493
69 0.2510 0.1757 0.6687 0.4681 0.2134 0.1493 0.5684 0.3979
70 0.2510 0.1757 0.2134 0.1493
71 0.2510 0.1757 0.2134 0.1493
72 0.2510 0.1757 0.2134 0.1493
73 0.2510 0.1757 0.2134 0.1493
74 0.2510 0.1757 0.2134 0.1493
^Estimated net insurance fees have been rounded to four decimal places for disclosure only.
24important information about
insurance through HESTA
Eligibility criteria When cover stops
You are eligible for: Cover will stop on the earlier date of:
• IP Cover if you are between the ages of 15 and 67 • when the HESTA policy ends
• Death Cover if you are between the ages of 15 and 75 • you reach the benefit or cover expiry age
• Lump-sum TPD Cover if you are between the ages
• you don’t have enough money in your
of 15 and 70
HESTA account to pay your insurance fees.
and only if you have not previously received a Cover will cease 63 days after the date you
lump-sum total and permanent disablement benefit had a positive balance that was sufficient
or terminal illness benefit under any insurance policy. to enable insurance fees to be deducted
• you’re no longer a member with HESTA
When cover starts
• when we receive your request to cancel
For HESTA members (joining through your Fund
insurance (or on a later date if requested)
Employer), if you’re eligible for standard cover, it will
commence on the date you join the fund. The date you • you die
join the fund is the earlier of:
• Lump-sum TPD Cover will cease if you
• the date the first contribution or rollover is received receive a terminal illness benefit where your
into your account, and Death Cover is equal to or greater than your
• the later of: Lump-sum TPD Cover
i. the first day of the period that the first contribution • Death Cover will cease if you receive a
from your Fund Employer (see page 26) relates to; lump-sum TPD benefit greater than or equal
and to your Death Cover.
ii. the date you commenced employment with a
Fund Employer where this date is notified to HESTA. Reinstatement of cover
Where cover ceases because you don't have
For HESTA Personal Super members standard cover
enough money in your HESTA account to pay
commences on the date the first contribution or rollover
your insurance fees, cover may be able to be
is received if At Work* on that day. If not At Work,
reinstated. If within 183 days of the insurance
cover commences when you are next At Work.
fee being last deducted, you have a positive
balance sufficient to enable an insurance fee,
*At Work: cover will be reinstated.
For employed members, or self-employed Cover will be reinstated from when it originally
members, At Work means the member is: ceased. However, cover for any IP or lump-sum
TPD (where eligible) will not apply to any new
a) performing, without restriction due to injury or
injury or illness which arose between cover
illness, all of the usual identifiable duties and
ceasing and when your HESTA account has a
hours of the occupation from which they earn
positive account balance. This means where an
their regular income;
injury or illness occurs between cover ceasing
or and your HESTA account having a positive
b) is capable of performing, without restriction due balance, you may not be able to make a claim
to injury or illness, all of the usual identifiable for that injury or illness. For Death Cover a
duties and hours of the occupation from which benefit will not be paid in circumstances where
they earn their regular income. a member’s death occurs within the period after
cover has ceased but before a member’s HESTA
For members who are not employed or self- account has a positive balance that enables
employed, At Work means the member is capable of insurance fees payable to be deducted.
performing, without restriction due to injury or illness,
all of the usual identifiable duties and hours of the
last occupation from which they earned an income.
25Standard cover
*Active Employment:
HESTA members (joining through For employed members, or self-employed
their Fund Employer) members, Active Employment means that
New members who are eligible for cover receive the insured member is:
standard cover automatically upon joining HESTA.
a) actively preforming all of the usual
Your standard cover may be limited to injuries or
identifiable duties and hours of the
illnesses that occur after commencement of cover
occupation from which they earn their
(i.e. New Events Cover) if, on the day you join HESTA:
regular income; and
• you do not meet the Active Employment*
b) in our insurer's opinion, not restricted
requirement (if you are not in Active Employment
by injury or illness from being capable
on the day you join the fund, the New Events
of actively performing those identifiable
Cover restriction will no longer apply when you
duties and any other duties of their usual
are again in Active Employment); or
occupation on a full-time basis (even if
• you are age 55 or over; or not working on a full-time basis).
• you have previously been a member of HESTA
A person who is on employer approved
who opted out or cancelled insurance cover
leave, for reasons other than injury or
(see Cover for previous members on page 27); or
illness, will meet this Active Employment
• it is more than six months after the later of#: requirement if in our insurer's opinion they
– starting employment with a are not restricted by injury or illness from
Fund Employer; or being capable of actively performing all
– your employer becoming a the duties of their occupation on a full-time
Participating Employer; basis without restriction due to injury or illness
(even if not then working on a full-time basis).
unless a full insurance cover application for cover not
to be restricted is accepted by the insurer. A person who is not employed or self-
employed will meet this Active Employment
#Where you are under 55 years and join HESTA more than six months after you join your
Fund Employer (or more than six months after your employer becomes a Participating requirement if in our insurer's opinion they are
Employer) your New Events Cover restriction will be limited to two years if you can not restricted by injury or illness from being
satisfy the Active Employment requirement* on your second anniversary as a member
or alternatively for a period of two consecutive months thereafter. capable of actively performing all the duties
of their usual occupation, or, if in our insurer's
opinion they do not have a usual occupation,
Fund Employer their last occupation on a full-time basis
A Fund Employer can either be a: without restriction due to injury or illness
(even if not then working on a full-time basis).
Participating Employer
• an employer (including any related body A person who is not employed or self-
corporate of that employer) whom HESTA employed and is engaged in domestic duties
has accepted to participate in, and who on a full-time basis, will meet this Active
contributes to HESTA, in respect of employees Employment requirement if in our insurer's
who are admitted as members; or opinion they are able to actively perform
their domestic duties on a full-time basis
Non-Participating Employer without restriction due to injury or illness.
• an employer of a member (including any
For the purposes of this Active Employment
related body corporate of that employer)
definition, full-time basis means working at
who has not completed a Participating
least 35 hours per week.
Employer application but contributes employer
superannuation contributions to HESTA in
respect of that member. This excludes people
who are self employed (sole traders, partners
and contractors or employees of the member's
own company or trust).
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