Lower fees and
improved insurance cover

Our automatic (also referred to as default) insurance cover is currently referred to as ‘unitised’ cover. That means your level of Death and Total and Permanent Disablement (TPD) insurance is based on the number of units of cover you hold, which depends on your age.

From 1 October 2024, we’re simplifying this design for members with automatic Death and/or TPD insurance, to remove the reference to units. Your level of cover from 1 October 2024 will be the same as your level of cover on 30 September 2024, but it will now be based on your age rather than based on a number of units. 

Currently, the cost of your automatic age-based death and TPD cover is based on the number of Death and TPD units you hold (which change as you age), and your occupational rating. 

From 1 October 2024, the cost of your automatic age-based death and TPD cover will depend on your age and gender – male, female or unisex – your occupational rating and the level of cover you hold. This means your premiums will be more accurately tailored to your personal circumstances.

The result? Most members with automatic age-based death and TPD cover will pay lower premiums from 1 October 2024.  

It's important to note:

• You will stay on the age-based unisex premium rates until you make a change to your cover, then male or female premium rates will apply.  

We’re making our TPD definition less restrictive, enabling more members to be assessed under Part 1 of our TPD definition (“Unlikely to work in a suited occupation ever again”), by: 

• raising the age limit from 65 to 67, and  
• extending the period you can be unemployed from 12 months to 16 months. 

Occupational ratings are applied to different types of work and are used when calculating your insurance premiums. If you receive automatic age-based death and TPD cover, you’re currently assigned a ‘Standard’ occupational rating. This may not clearly reflect that you can update your occupational rating and possibly pay lower insurance premiums.

If you’re currently assigned the ‘Standard’ occupational rating, we will update this to ‘Unknown’ from 1 October 2024. If you're starting or recommencing automatic age-based Death and TPD cover from 1 October 2024, you'll be assigned the ‘Unknown’ occupational rating, unless we know what your occupation is. 

From 1 October 2024, if you meet the criteria for a 'Professional' occupational rating, your Income Protection premium rates will reduce. Currently, these members pay Income Protection premiums based on the 'White Collar' occupational rating.

If you have insurance with other super funds or policies, you can apply to transfer this cover into Hostplus.

We’re increasing cover transfer limits for Death and TPD from a maximum of $1.5 million to $2 million.

If you’re transferring Income Protection cover, you can transfer the lesser of:

• $20,000 (increased from $10,000) per month, for a maximum benefit period of 2 or 5 years
• 90% of your pre-disability income (unchanged)
• $10,000 per month for a maximum benefit period to age 65 (unchanged).

Currently, members can increase their Death and TPD cover when a significant life event occurs (e.g. marriage, divorce, or taking out a mortgage). We’re now extending this offer to members with existing Income Protection cover.