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HESTA to Reduce Insurance Fees by 12% Starting July 2026

Enhancing Member Protection and Affordability in Superannuation Insurance

HESTA to Reduce Insurance Fees by 12% Starting July 2026?w=400

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HESTA, a leading Australian superannuation fund, has announced a significant reduction in insurance fees, averaging 12% across all cover types.
This change is set to take effect from 1 July 2026 and is part of a broader initiative to make insurance more accessible and affordable for its members.

From the specified date, HESTA members will benefit from lower costs for death, total and permanent disablement (TPD), and income protection cover. Additionally, the fund is introducing enhanced protections during pregnancy, improving the insurance fee waiver during parental leave, and streamlining the application process for insurance cover.

For tradespeople, who often face unique risks in their professions, these changes are particularly beneficial. The reduction in insurance fees means that more of their superannuation contributions can remain invested, potentially leading to greater retirement savings. Moreover, the enhanced protections during pregnancy and parental leave provide added security for those planning to start or grow their families.

HESTA's initiative reflects a growing trend among superannuation funds to offer more tailored and affordable insurance options to their members. By addressing the specific needs of tradespeople and other professionals, HESTA is positioning itself as a proactive and member-focused fund.

It's important for tradespeople to review their current insurance arrangements and consider how these changes might impact their coverage and costs. Consulting with a financial advisor or directly with HESTA can provide clarity and ensure that their insurance needs are adequately met.

Published:Sunday, 24th May 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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Professional indemnity:
An insurance that provides cover for liability incurred in the course of exercising a profession.