Hostplus Life Insurance: What You Need To Know

Hostplus is an industry super fund for Australia's hospitality, travel, recreation, and sports sectors. It offers a range of insurance options, including death, total and permanent disability (TPD), and income protection insurance. If you join Hostplus through a participating employer, you usually get automatic death and TPD cover if you are over 25, have $6,000 or more in your super account, and meet other eligibility requirements. However, income protection insurance is not offered by default, so you must opt-in for this cover. You can also transfer your existing insurance cover from another provider to Hostplus, subject to certain conditions.

Hostplus default insurance offerings

Hostplus is an industry super fund for Australia's hospitality, travel, recreation, and sports sectors. It is one of the biggest superannuation funds in Australia, with over a million members and $50 billion in assets under management.

Hostplus offers default (automatic) Death and Total & Permanent Disablement (TPD) insurance to its members, subject to eligibility requirements, terms, and conditions. This means that if you join Hostplus through a participating employer, you will typically receive automatic Death and TPD cover if you are over 25, have at least $6,000 in your super account, and meet other criteria. However, it is important to note that some occupations are excluded from the default TPD insurance offer.

The amount of Death and TPD cover provided by Hostplus depends on the member's age and is designed to provide a safety net. Members can log in to their accounts to view their current insurance coverage and explore their options for opting in to additional cover.

In addition to the default Death and TPD insurance, Hostplus also offers income protection insurance. However, this is not offered by default, and members must opt in to this coverage. Income Protection insurance provides regular monthly payments to members who are temporarily unable to work due to illness or injury, helping them meet their living expenses.

Hostplus also provides specific life events insurance and premium-free parental leave cover to support members during significant life changes. Members can also transfer their existing insurance cover from another super fund or insurance provider to Hostplus, streamlining their insurance arrangements.

Hostplus death and total and permanent disability (TPD) cover

Hostplus is an industry super fund for Australia's hospitality, travel, recreation, and sports sectors. It is one of the biggest superannuation funds in Australia, with over a million members and $50 billion in assets under management.

Hostplus offers default (automatic) Death and Total & Permanent Disablement (TPD) insurance to its members, subject to eligibility criteria and terms and conditions. This insurance provides financial security in the event of death or permanent disability, helping to cover everyday expenses, debts, medical bills, and more.

The eligibility criteria for automatic Death and TPD cover include having a super account balance of at least $6,000, being aged 25 or older, and having received contributions in the last 16 months. Most members can opt into automatic cover, even if they don't meet these criteria. However, certain occupations are excluded from the default TPD insurance offer.

The amount of cover provided under the automatic Death and TPD insurance depends on the member's age and can be found in the Product Disclosure Statement (PDS). Members can also log in to their accounts to view their current insurance cover and eligibility for optional cover.

In addition to the default Death and TPD insurance, Hostplus offers specific life events insurance and premium-free parental leave cover. Members can also cancel their insurance or opt for additional protection with a range of insurance options tailored to their circumstances.

Hostplus also allows members to transfer their existing Death and TPD insurance from another provider, helping them streamline their insurance arrangements and manage their super and insurance in one place.

Hostplus income protection insurance

Hostplus offers Income Protection Insurance to its members, which provides peace of mind if you're unable to work due to injury or illness. This type of insurance helps cover your living expenses by providing monthly payments until you can return to work. The monthly payments are based on your pre-tax income and the level of cover you choose.

Hostplus has a range of Income Protection policies with different definitions of disability, eligibility criteria, waiting periods and benefits. You can apply for up to 90% of your salary in cover, with a maximum of $30,000 per month. If you're insured for 90% of your salary, 75% is paid directly to you, and the remaining 15% is paid into your Hostplus super account.

The cost of your Income Protection Insurance may depend on factors such as your level of cover, age, occupational rating, waiting period, and benefit period. Hostplus offers waiting periods of 30, 60, or 90 days, and benefit periods of two or five years, or up to age 65. Longer waiting periods and shorter benefit periods generally result in lower policy costs.

It's important to note that insurance premiums are deducted from your super balance, which can reduce your retirement savings. You can cancel your insurance at any time if it's no longer suitable for your situation.

If you already have Income Protection Insurance with another provider, you can transfer it to Hostplus. To do this, log in to your other super fund, download your recent statement, then log in to Hostplus Member Online and follow the steps to transfer your cover.

Hostplus insurance claim

Hostplus offers a range of insurance options, including Death and Total & Permanent Disablement (TPD) insurance, Income Protection insurance, and specific life events insurance. When making a claim, Hostplus has a dedicated in-house team of experts to guide you through every step of the process. Here's a detailed overview of the Hostplus insurance claim process:

Starting a Claim:

To initiate a new claim, you can call Hostplus at 1300 467 875. They will connect you with a dedicated claims expert who will assist you throughout the entire process. This claims expert will be your single point of contact, providing clear and simple explanations and keeping you informed at every step.

Death Claim:

In the unfortunate event of a death claim, Hostplus provides a 5-step claims guide to help you navigate the process during this difficult time. You will have a dedicated in-house claims expert to support and guide you through each step with compassion and respect.

Support and Guidance:

Hostplus is committed to providing a positive claim experience for its members and their loved ones. Their role is to support you through the entire claim journey, offering compassion, respect, and transparency. They will proactively manage your claim, provide accurate information, and address any issues promptly. Hostplus will also ensure that the insurer treats your claim fairly and assesses it promptly.

Interpreter Services:

If you come from a non-English-speaking background, Hostplus can arrange an interpreter from Translating and Interpreting Services (TIS) to assist you with your claim at no cost. You can reach out to their claims team for guidance on using this service by calling 1300 467 875 between 8:30 am and 4:30 pm, Monday to Friday.

Transferring Your Insurance Cover:

If you have existing insurance cover with another super fund or provider, you may be able to transfer it to Hostplus. This can help streamline your insurance arrangements and reduce unnecessary paperwork. Before transferring, review your insurance needs and ensure that your Hostplus account has sufficient funds to cover any outstanding premiums. You can transfer your cover by logging into Hostplus Member Online and following the necessary steps.

Hostplus insurance premiums

Hostplus is an industry super fund for Australia's hospitality, travel, recreation, and sports sectors. It is one of the biggest superannuation funds in Australia, with over a million members and managing $50 billion in assets.

Hostplus offers default (automatic) Death and Total & Permanent Disablement (TPD) insurance to its members, subject to eligibility requirements, terms, and conditions. Some members may also receive default Income Protection insurance. Members can log in to their accounts to check their current insurance cover and eligibility for opt-in insurance.

Hostplus represents over 1.8 million members, allowing them to negotiate special rates and terms that may not be available to the general public. As an industry fund, Hostplus does not allow commissions on premiums, ensuring members only pay for the product's cost. Premiums are automatically deducted from the member's super balance.

Hostplus also offers specific life events insurance and premium-free parental leave cover. Members have the option to cancel their insurance at any time or choose from a range of insurance options for added protection.

The Hostplus Life investment option adjusts the level of investment risk based on the member's age and has high diversification. For members under 40, Hostplus Life+ invests in the Growth option, focusing on delivering the best net return from a portfolio biased towards growth assets. As members move into their middle years (40-59), Hostplus aims to balance growth and risk by investing in the Balanced option and then the Conservative Balanced investment option. For members aged 60 or over, the focus shifts to preserving savings by investing in the Capital Stable investment option, which has a bias towards defensive assets.

It is important to review the Product Disclosure Statement (PDS) and Member Guide to fully understand the insurance offerings and eligibility requirements of Hostplus.

Frequently asked questions