Your insurance may help if you can’t work due to injury or illness
Hostplus offers and provides Income Protection (previously called Salary Continuance) insurance, which may help to protect your income if you temporarily can’t work because of illness or injury by providing regular monthly payments to contribute towards your living expenses.
If you have Income Protection insurance, and you are temporarily unable to work due to contracting COVID-19 or another illness or injury that would temporarily prevent you from working and earning an income, you may be eligible to claim a short-term regular payment to help meet your daily costs and expenses. To learn more, or review your existing insurance arrangements, login to Hostplus Member Online.
If you have existing Income Protection cover, you may be able to make a claim if solely as a result of injury or illness you are:
- unable to perform at least one Income Producing Duty of your occupation;
- not working in any occupation, whether or not for reward; and
- under the regular care and following the advice of a medical practitioner.
You can submit a claim at any time. However, payments will only occur once you have been assessed by the insurer as meeting all eligibility criteria, including satisfying your waiting period (30, 60 or 90 days).
Please note, Income Protection insurance does not provide coverage against job-loss (temporary or otherwise), redundancy or incidences of being ‘stood down’. However, if you are unemployed or have been stood down under the Fair Work Act and subsequently suffer an injury or illness, you may still be eligible to make an Income Protection claim if you meet the criteria outlined above.
If you have been stood down under the Fair Work Act and considered by MetLife to be on leave without pay (LWOP), MetLife will disregard the current policy terms which require benefits to commence at the end of the LWOP period. Instead, if you are eligible for a Income Protection benefit, MetLife will commence paying benefits to you at the end of the relevant waiting period.
It is important to be aware that the Income Protection amount that you can claim may be lower than your current cover amount as it is based on your income amount for the 12 months prior to the illness or injury. If you are eligible to receive the Government JobKeeper Payment, MetLife will exclude that payment from any benefit offsets that would usually apply for new and existing claims in progress.
If you fall ill, are injured, or suffer a disability which prevents you from ever returning to work you may be eligible for a Total and Permanent Disability (TPD) benefit.
Any entitlement to a TPD benefit will be assessed on the basis of whether you meet the below criteria, using the applicable disability definition based on your working arrangements as at 11 March 2020.
- were working in your normal capacity on 11 March 2020 (when the World Health Organisation declared coronavirus to be a global pandemic),
- have had reduced working hours or lost your job due to COVID-19 since 11 March 2020,
- become disabled as a result of an illness or injury between 11 March 2020 and 1 January 2021 inclusive,
- have maintained your TPD cover at the time you become totally and permanently disabled, and
- lodged your completed claim form on or before 31 March 2021.
To learn more, or review your existing insurance arrangements, login to Hostplus Member Online. If you are eligible to make a claim please call us on 1300 803 745. Our dedicated claims team are here to help you through the process.
Employer-paid insurance premiums
Some employers make specific arrangements with Hostplus to pay their employees' insurance premiums directly to Hostplus.
Some members, known as “Low Balance Members”, may need to take additional action to ensure their insurance cover continues if they are stood down or cease to be employed.
A Low Balance Member is a member whose account did not have a balance of at least $6,000 at any time between 1 November 2019 and 31 March 2020, and for new members joining Hostplus on or after 1 April 2020, since the date they became a member.
Employers may cease paying insurance premiums for employees who have been stood down or ceased employment with that employer. If you were or are a Low Balance Member, and your employer stops paying insurance premiums for you, any insurance cover you have may cease unless you have made an election to maintain it.
Refer to section 8.16.28 of the Hostplus PDS for a more detailed definition of a Low Balance Member.
Members who wish to change or manage their cover, including by requesting a decrease or increase in their level of insurance or cancellation of their insurance, can do so through Hostplus Member Online.
The information in this update is general in nature and does not take into account your personal objectives, financial situation and needs. You should consider if this information is appropriate for you in light of your circumstances before making a decision.