The fee reductions will apply to death, total and permanent disablement (TPD), and income protection covers. Specifically, members can expect average fee decreases of approximately 6% for death cover and nearly 15% for TPD. Income protection fees will see reductions ranging from 1.4% to 23.5%, depending on the benefit period. These changes mean that insured HESTA members will retain more funds in their superannuation accounts, enhancing their financial security.
In addition to the fee reductions, HESTA is introducing strengthened protections during pregnancy. The fund has also improved the insurance fee waiver during parental leave, making it faster and easier for members to apply for insurance cover. These enhancements are particularly beneficial for fitness professionals who may experience career breaks due to family commitments.
With over 630,000 members holding insurance cover through their superannuation, HESTA's decision underscores its commitment to supporting the financial well-being of its members. For fitness professionals, this development offers an opportunity to reassess their current insurance arrangements and consider the benefits of HESTA's improved offerings.
It's advisable for members to review their insurance coverage and understand how these changes may impact their individual circumstances. Consulting with a financial advisor can provide personalized insights and ensure that their insurance coverage aligns with their professional and personal needs.
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
