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HESTA Announces Significant Insurance Fee Reductions and Enhanced Member Protections

Superannuation Fund HESTA Implements Changes to Benefit Members

HESTA Announces Significant Insurance Fee Reductions and Enhanced Member Protections?w=400

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HESTA, a prominent Australian superannuation fund, has unveiled a series of changes aimed at providing more accessible and affordable insurance coverage for its members.
Effective from 1 July 2026, these adjustments include an average 12% reduction in insurance fees across all cover types, encompassing death, total and permanent disablement (TPD), and income protection cover.

Members can anticipate average fee decreases of approximately 6% for death cover and nearly 15% for TPD. Income protection cover will see reductions ranging from 1.4% to 23.5%, depending on the benefit period selected. These fee reductions are designed to ensure that more funds remain invested in members' superannuation accounts, thereby enhancing their retirement savings.

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

HESTA is also improving the insurance fee waiver during parental leave and streamlining the process for members to apply for insurance cover. From 1 July 2026, members will be able to apply for increased death (up to a total of six units) and income protection (up to a total of 12 units) cover at any time by completing a short personal health statement, simplifying the application process.

These enhancements build upon previous improvements made in partnership with AIA Australia to enhance the digital insurance claims experience for HESTA members. The fund's commitment to providing affordable and accessible insurance cover reflects its dedication to supporting members' financial well-being throughout their working lives and into retirement.

Members will receive detailed communication about these changes later this month, with updated Product Disclosure Statements and Insurance Options Guides available on the HESTA website from 1 July 2026.

Published:Sunday, 10th May 2026
Author: Paige Estritori

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The maximum amount an insurer will pay for all covered losses during a policy period.

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