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 Total & Permanent Disability 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 Total & Permanent Disability, and up to a maximum monthly benefit of $10,000 for Income Protection. Refer to the Transfer of insurance cover form.
Is the insurance cover indexed?
Tailored Income Protection can be indexed.
All other insurance cover on a Super-savings account is not indexed.
Is a buy-back offer available on the insurance?
Is Death and Total & Permanent Disability linked?
Yes. If Total & Permanent Disability is paid, the insured amount for Death will reduce by the Total & Permanent Disability amount that has been paid.
Is the beneficiary able to receive the Death/Total & Permanent Disability 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 Total & Permanent Disability any or own occupation?
Is the Total & Permanent Disability definition unable or unlikely to return to the workforce?
How long is the waiting period for Total & Permanent Disability cover?
No waiting period for Total & Permanent Disability 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.
3 month waiting period for Tailored Total & Permanent Disability.
Is Income Protection, indemnity or agreed value?
Will Income Protection continue if a successful Total & Permanent Disability claim is made?
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.