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Super-savings account Insurance FAQs

Here you'll find the answers to some common questions about the Sunsuper for life Super-savings account insurance product.

Additional resources and information:

Who is the owner of the insurance policies?

Sunsuper Pty Ltd as Trustee for the Sunsuper Superannuation Fund.

Who is the underwriter for the Super-savings account?

AIA Australia Limited ABN 79 004 837 861.

Are the insurance premiums stepped or level?

Stepped. Tailored Death and Tailored TPD allows the choice between:

  • ‘Fixed sum insured’ where the premiums increase with age, and,
  • ‘Fixed premium’ where the sum insured decreases with age.

Does Sunsuper accept transfer of insurance cover?

Yes. Up to a maximum dollar value of $1,000,000 for Death and/or TPD, and up to a maximum monthly benefit of $10,000 for IP. Refer to the Transfer of insurance cover form.

Is the insurance cover indexed?

Tailored IP can be indexed.

All other insurance cover on a Super-savings account is not indexed.

Is a buy-back offer available on the insurance?

No.

Is Death and TPD linked?

Yes. If TPD is paid, the insured amount for Death will reduce by the TPD amount that has been paid.

Is the beneficiary able to receive the Death/TPD payout in the form of a pension account?

Yes, via an Income account.

Does Sunsuper allow early release for terminal illness?

Yes, if life expectancy is less than 24 months.

Is TPD any or own occupation?

Any.

Is the TPD definition unable or unlikely to return to the workforce?

Unable.

How long is the waiting period for TPD cover?

No waiting period for TPD Assist, except where claiming due to inability to perform certain activities (Part C of definition) or loss of cognitive function (Part A of definition). Details of these definitions can be found in the Sunsuper for life Insurance guide [PDF 6.3MB]

3 month waiting period for Tailored TPD.

Is Income Protection, indemnity or agreed value?

Indemnity.

Will Income Protection continue if a successful TPD claim is made?

Yes.

Is it alright if I recommend my client make annual (partial) rollovers from their Super-savings account to pay for the premiums held inside another superannuation trust? And what do I need to be aware of?

Yes. Sunsuper processes rollouts in a timely manner.

If requesting an advice fee, ensure you proportion it correctly.

Check out how our advice fees work for more information about proportioning advice fees correctly.