Insurance and superannuation. Time for a review?
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Leave it to luck or |
Insurance cover. Ours is super affordable
Even the most carefully made financial plans can fail due to unexpected circumstances. So it makes sense to have a safety net in place. Having the right insurance cover can ensure a tragedy will not be made worse by financial burden.
Sunsuper gives you the opportunity to protect yourself, your family and your lifestyle if something happens to take away your earning power.
Standard insurance with your super
When you join Sunsuper Solutions, you are automatically given insurance cover for death and total and permanent disability (TPD) provided you meet the eligibility criteria. To be elibible you must be:
- aged between 15 and 70 (TPD cover is not available from age 65), and
- 'actively employed by a Sunsuper participating employer, or
- 'actively employed' by a non-participating employer who has started paying your Superannuation Guarantee (SG) contributions to Sunsuper.
A participating employer is an employer who has completed and submitted a Participating employer application form to Sunsuper.
A non-particpating employer is an employer who has not completed and submitted a Participating employer application form to Sunsuper.
Actively employed means you are perfoming your normal paid duties for this employer and they are making SG contributions to Sunsuper on your behalf.
Additional insurance - your choice
You can apply for either additional Death only cover or additional Death and TPD cover.
The maximum covers available are:
| - Death cover | $5 million | |
| - TPD cover | $2 million |
Any application for additional insurance is subject to acceptance by the insurer. Satisfactory evidence of health will be required.
Members can also apply for Income Protection cover. To be eligible, you need to be permanently employed, between age 15 and 65 and working an average of 15 or more hours per week. You can apply for an amount of cover up to 75% of your salary, but not more than $20,000 per month.
How to make an insurance claim
While we hope you never need to make a claim, the following information will help you with the claim process.
Sunsuper should be notified as soon as possible after an event that is likely to cause a disablement claim. Once we have been told about the claim we will send you the claim forms. These should be completed and returned to Sunsuper. The claim forms will generally require relevant health certificates, medical practitioner reports, employer reports and relevant evidence of the claim. You will be responsible for meeting the cost of any information required to initiate the claims process.
Click here to find out more about making a Total and permanent disability claim
Click here to find out more about making an Income Protection claim
For more information, download the Sunsuper Solutions Member guide and/or Insurance guide, or check out the Sunsuper Solutions insurance cover factsheet.
