HESTA Announces Significant Insurance Fee Reductions and Enhanced Member Protections

Under the new structure, members will experience average fee decreases of approximately 6% for death cover and nearly 15% for total and permanent disablement (TPD) cover. Income protection fees will see reductions ranging from 1.4% to 23.5%, depending on the benefit period selected. These changes are designed to ensure that more funds remain invested in members' superannuation accounts, thereby supporting their long-term financial security.

In addition to fee reductions, HESTA is removing the automatic exclusion of disabilities related to normal pregnancy, childbirth, or miscarriage from income protection claims in specified circumstances. This move addresses a common industry exclusion and aims to provide more comprehensive support for members during critical life events.

Furthermore, the fund is enhancing its insurance fee waiver during parental leave and streamlining the application process for insurance cover. Members will now be able to apply for increased death and income protection cover at any time by completing a short personal health statement, making it faster and easier to obtain the necessary coverage.

These initiatives build upon previous enhancements made in partnership with AIA Australia to improve the digital insurance claims experience for HESTA members. By focusing on affordability, accessibility, and comprehensive protection, HESTA demonstrates its commitment to supporting members' financial well-being throughout various stages of life.

For more detailed information on these changes, members are encouraged to visit the HESTA website or contact their member services team directly.