HESTA Announces 12% Reduction in Insurance Fees for Members

Members will benefit from decreased fees for death, total and permanent disablement (TPD), and income protection covers. Specifically, the average fee reductions are approximately 6% for death cover and nearly 15% for TPD. Income protection cover will see average reductions ranging from 1.4% to 23.5%, depending on the benefit period. These changes mean that more funds remain invested in members' superannuation accounts, enhancing their financial security.

In addition to fee reductions, HESTA has introduced several member-centric improvements:

• Strengthened Protection During Pregnancy: Enhanced coverage to support members during pregnancy.
• Improved Insurance Fee Waiver During Parental Leave: Easier access to fee waivers for members on parental leave.
• Simplified Application Process: Members can now apply for increased death (up to six units) and income protection (up to twelve units) cover at any time by completing a short personal health statement.

These enhancements are particularly beneficial for tradespeople, who often face unique risks in their professions. The improved coverage and affordability address common concerns such as financial loss due to accidental damage or injury claims, and unforeseen income loss due to illness or injury.

HESTA's proactive approach reflects a commitment to supporting its members by providing comprehensive and affordable insurance solutions tailored to their needs. For tradespeople, this development offers a valuable opportunity to reassess and potentially enhance their insurance coverage, ensuring they are adequately protected against the inherent risks of their occupations.