This glossary provides some quick definitions for commonly used insurance terminology
For full definitions and details of HOSTPLUS’ insurance cover, please refer to Section 8: 'Insurance in your super' on the Member Guide.
Benefit - a benefit is the amount of insurance cover payable to you or your dependants and/or legal personal representative(s) in the event of an insurance claim being approved.
Benefit period - Under Salary continuance insurance cover, the benefit period is the maximum period of time that a benefit will be paid for any one illness or injury while you are Totally disabled or Partially disabled. You can choose a benefit period of two years or up ‘to age 65’.
Claim - If an insurance claim is approved, the insurer will pay your insured amount to HOSTPLUS. Then, subject to legislative and trust deed requirements having been met, we will pay: Total and Permanent Disablement (TPD) or Salary continuance benefits to you, death benefits to your dependants (including interdependant) or legal personal representative or terminal illness benefits to you from your death benefits. To make an insurance claim, contact us on 1300 HOSTPLUS (1300 467 875) for the appropriate claim forms as soon as reasonably possible.
Death and TPD - 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 personal representative(s) in the event of your death. This is additional to your super account balance. If you are covered for either Death only or Death and TPD insurance, you are automatically covered for Terminal illness.
Death only cover & Death cover - If you die, Death cover provides a lump sum payout to your dependants (for example, your children or partner) or your legal personal representative (executor of your estate). Death cover is designed to provide your dependants with financial support. This benefit is paid in addition to your HOSTPLUS account balance. If you are covered for either Death only or Death and TPD insurance, you are automatically covered for Terminal illness.
Dependants - In the event of your death, the trustee may pay a benefit to your dependants or legal personal representative (the executor or administrator of your estate). A dependant for superannuation purposes (as opposed to tax purposes), includes a spouse (including de facto, same sex or a spouse from a relationship registered on the Register of Births and Marriages under State or Territory law), your children (including step, adopted, ex-nuptial or eligible children of same sex couples) and any other person who is wholly or partially financially dependent on you, or in an interdependant relationship with you at the time of your death. Find out about binding death nominations.
Fixed cover or Fixed benefit cover - With fixed benefit cover your level of cover stays the same but as you get older, the amount you pay for the insurance increases each year. With fixed benefit cover, in the event of a claim, you are covered for the fixed benefit amount you applied for and the insurer accepted.
Health statement - A full health statement is used by the insurer to help determine your level of cover. You can find out more in the Member Guide.
Insurer - HOSTPLUS’ insurer is OnePath Life Limited (ABN 33 009 657 176 AFSL 23834) formerly known as ING Life Limited is provided by OnePath Life Limited and the Trustee of HOSTPLUS owns this policy.
Management/clerical scale (white collar) - Your occupation at the time you apply for insurance or when you apply to change your insurance scale determines which insurance scale you are eligible for. Under the management/clerical (white collar) scale you can receive a significantly higher level of cover for the same cost. In some cases, depending on your age, this could result in up to 65% more cover than under the standard scale. You can apply for cover under the management/clerical scale by completing the form in the Member Guide.
Monthly benefit - a monthly benefit is the amount payable to you in the event of your Salary continuance insurance claim being approved.
OnePath - OnePath Life Limited (ABN 33 009 657 176 AFSL 23834) formerly known as ING Life Limited is HOSTPLUS’ insurer.
Pre-disability salary - Your pre-disability salary means, if you are employed, the remuneration you receive from your usual occupation, averaged over the most recent 12 month period (that may include any period of unemployment since you last worked or the actual period of work if less) before the deduction of income tax, and includes: cash salary, regular overtime (averaged over the previous three years, or since you started your current occupation, if less), the monetary value of non-cash benefits or fringe benefits provided by your employer in direct substitution of salary (as long as the fringe benefits continue to be provided to you after disability benefit payments have commenced), performance related commissions, bonuses and other monetary benefits, averaged over the previous three years, or since you started your current occupation (if less), or where you directly or indirectly own all or part of the business from which you earn your income, the total amount earned by the business over the financial year as a direct result of your personal exertion or activities through your usual occupation, less your share of business expenses, but before the deduction of income tax, for that business (or the relevant proportion for part of a financial year).
Pre-existing conditions exclusion - For Personal Super Plan members with fixed benefit Death and TPD cover, no benefit is payable where the cause of the claim is caused directly or indirectly, wholly or partially, as a result of a pre-existing condition. A pre-existing condition is an injury, illness, condition or related symptom that, in the two years prior to the date your insurance cover commenced through HOSTPLUS, you, or a reasonable person in your position: was aware of, should have been aware of, or; had a Medical Consultation for (where a 'medical consultation' is any activity for the detection, treatment or management of an illness, injury, medical condition or related symptom, including but not limited to the application of prescribed drugs or therapy).
Premium - An insurance premium is the cost you pay for your insurance cover. HOSTPLUS insurance premiums are deducted from your HOSTPLUS super account. Your insurance premiums are used to cover the cost of the insurance policy as well as the cost of its administration.
Salary Continuance - Salary continuance insurance helps to protect your income if you can’t work because of illness or injury (temporarily and totally) by providing regular monthly payments to help you meet your living expenses. You can apply for cover of up to 90% of your monthly pre-disability salary (where, in the event of a successful claim, 75% your monthly pre-disability salary is paid to you and 15% of your monthly pre-disability salary is paid into your account with HOSTPLUS), with a waiting period of either 30, 60 or 90 days and you can choose to receive monthly benefits for either up to two years or ‘to age 65’.
Salary-linked cover - When your amount of insurance 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. Salary-linked cover is only available via a special insurance arrangement by your employer if you are a member of HOSTPLUS Executive.
Specific life events cover - To help ensure your insurance keeps up with you whenever you take a big step forward – like buying a new home or starting a family, you have the opportunity to take advantage of our life events cover. This feature allows you to increase your unitised cover by one additional unit or under fixed benefit cover, by 25% of your current sum insured up to a maximum of $200,000, without the need to complete lengthy paperwork or supply medical information.
Terminal illness cover - A terminal illness benefit is payable, if you suffer a ‘terminal illness’ as certified by two medical practitioners (one being a specialist) and stipulating death within 12 months of the certification then lump sum superannuation benefits paid are exempt from tax.
TPD - Total & Permanent Disability (TPD) cover provides a lump sum payout to you if you become totally and permanently disabled and meet the conditions of the relevant part of the TPD definition that applies. TPD cover is designed to replace your future income via a lump sum payment and provide you and your dependants with financial support.
Unit or units - Unitised insurance cover is measured in ‘units’. The more units of insurance you have the more cover you have.
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, your automatic Death and/or TPD cover is provided as unitised cover. With unitised cover, your benefit is a calculation based on three factors: your occupation, age and the number of insurance units you choose.
Waiting period - A waiting period is the period during which you must be totally or partially disabled before any Salary continuance benefit is payable. You are not entitled to a monthly benefit for the duration of the waiting period.