Death and Total & Permanent Disability (TPD) insurance cover provides you with an insured benefit payable to either you if you become totally and permanently disabled, or to your dependants or legal representative(s) in the event of your death. This benefit is paid in addition to your super account balance. Death and TPD cover costs $1.50 per unit per week ($78 per year).
Death Only insurance cover provides you with an insured benefit, payable to your dependants or legal personal representative(s) in the event of your death. This benefit is paid in addition to your HOSTPLUS Executive account balance. Death Only cover costs 75c per unit per week ($39 per year).
Any death insurance also includes Terminal illness cover (please see the Member Guide for full details or the Insurance glossary for a definition).
You can choose to cancel your cover, reduce the number of units you have or apply for a different number of units. You can apply for extra insurance of up to $3 million in TPD cover and $5 million in Death cover.
Choosing unitised or fixed cover
Unitised cover
With unitised cover your level of cover decreases as your age increases, but the amount you pay for the insurance remains the same.
When you join HOSTPLUS Executive, your automatic Death and/or TPD cover is provided as unitised cover. If you wish to convert your unitised cover to fixed cover, complete this form.
Fixed cover
With fixed benefit cover, your level of cover stays the same, but the amount you pay for the insurance increases each year as you get older.
The amount of cover may be selected by you, or you may have salary-linked cover, which is when the amount of cover is a multiple of your salary chosen by your employer. In this case, as your salary increases or decreases, so does the amount of your premiums and your cover.
With Death and TPD fixed insurance cover, your Death cover remains fixed until age 65. Your TPD cover will reduce by 20% each year from age 61.
Cover that keeps up with you
To help ensure your insurance keeps up whenever you take a big step forward – like buying a new home or starting a family – Specific life events cover allows you to increase your cover simply and without the need to complete lengthy paperwork.
Find out more and view a full list of life events
Transferring cover
You may transfer a maximum of $1 million Death & TPD cover from any other superannuation fund (other than a self-managed super fund) to HOSTPLUS Executive, which will be in addition to any other cover already held with HOSTPLUS Executive, provided your total cover does not exceed the maximum amount of $3 million in TPD cover and $5 million in Death cover
How to increase your Death & TPD cover
Complete the Increase your insurance application form Part A and Part B (if applicable) in the Member Guide.
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