If you would like to apply for Death and/or TPD insurance, here’s what you need to do.
Plan for the unexpected. If the unthinkable should happen, Death and Total & Permanent Disability (TPD) insurance aims to ensure you’ve taken care of your loved ones.
If the worst should happen and you die or are totally and permanently disabled through illness or injury, Death and TPD insurance means that a lump sum will be paid to you or your loved ones. It helps to ease financial stress by giving you and your family some security.
Death insurance is also known as life insurance. Our Death insurance includes terminal illness cover, which means you can receive a pre-payment of your death benefit if you’re diagnosed with a terminal illness.
To learn more about Death and TPD insurance, please read the PDS.
All claims are subject to satisfying the eligibility criteria.
Depending on your eligibility, you may receive default Death and TPD insurance if you’re 25 years or older and have at least $6,000 in your Hostplus account. However, if it suits your circumstances, you can opt in to default cover before meeting these criteria (subject to terms, conditions and eligibility requirements). Read the PDS to learn more about default Death and TPD insurance.
You can cancel this cover or choose to be covered for Death only or TPD only at any time. You can also choose to increase or decrease your cover. We offer additional Death and TPD cover for a range of specified life events without the need for lengthy paperwork.
If you have default Death and TPD cover, the amount of cover you receive will depend on your age. You can find the default cover amounts and costs in the PDS.
The default level of cover is designed to provide a safety net for a typical Hostplus member, but it’s important that you assess your own situation and decide whether that level of cover is right for you. Using our insurance needs calculator or speaking to our financial advice team can be a good first step.
You can reduce your cover or apply for unlimited Death cover and up to $5 million in TPD cover at any time. If you have combined Death and TPD cover, the amount of TPD cover can’t exceed your Death cover.
How much you pay for your Death and TPD cover will depend on your level of cover and age, as well as your occupational rating and the type of cover. If you’re on parental leave, you may be eligible for premium-free cover with our parental leave premium waiver. It’s important to understand that insurance premiums are deducted from your super balance, which reduces your retirement savings. If you need to reduce or cancel your insurance, you can do so at any time.
Every occupation receives an ‘occupational rating’. This reflects how dangerous a job is and affects how much you pay for your insurance. For example, if you have a White collar rating, you’ll pay lower premiums than if you had a Heavy Blue rating. If you’ve received default cover, you’ll be covered under our Standard (or Light Blue) occupational rating unless and until you tell us otherwise. See our PDS for details.
It’s a good idea to check your occupational rating, as you may be eligible for a lower-risk rating – which in turn may reduce your premiums. If you change jobs, you should also check that your occupational rating matches your new position.
There are two types of cover for Death and TPD insurance – unitised and fixed. These affect how the cost of your insurance, and the amount insured, change as you age.
The graphs below illustrate the basic differences in concept between unitised and fixed cover. They are indicative only and actual outcomes may vary depending on your own personal circumstances.
* For Hostplus insurance, TPD cover reduces from age 60.
^ For former Statewide Super members with grandfathered insurance arrangements, the weekly premium per unit changes over time.
If you’ve received default Death and TPD cover, this is unitised. However, you can convert from unitised cover to fixed cover, or convert from fixed cover to unitised cover.
Learn more about insurance costs
To learn more about costs for Death and TPD insurance, read the PDS or use our insurance needs calculator. Members can also head to Member Online for more information on costs.
If you would like to apply for Death and/or TPD insurance, here’s what you need to do.
Apply for Death and TPD insurance, adjust your level or type of cover, or check your occupational rating.
If you’ve already got Death and TPD insurance with another super fund or insurance provider, it may be possible to transfer it to Hostplus.
Some occupations are riskier than others. Because of this, you may not be eligible for Death and TPD insurance if you’ve joined Hostplus as a Personal Super Plan member. Check our list of excluded occupations to see if this applies to you.
If insurance is no longer right for your situation, you can cancel at any time.
Head to Member Online to quickly cancel your cover.
Send us an email with the details of your cancellation request and we'll get back to you with next steps.
Learn more about Death and TPD insurance with Hostplus in our detailed guides.