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Super-savings account Insurance (for advisers)

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

Please note: Information on this page may not be applicable to Sunsuper for life – Business accounts or Sunsuper for life – Corporate accounts.

A flexible range of insurance options are available:

  • Automatic cover is available for eligible members (Death, TPD Assist, and Opt In Income Protection)
  • Tailored Death
  • Tailored TPD
  • Tailored Income Protection (waiting periods of 30, 60, 90, or 180 days; benefit periods of 2 years, 5 years, and to age 65)

Additional resources and information:

  • Sunsuper for life Insurance guide
  • Get a quote for tailored insurance cover

FAQ's for Super-savings account Insurance

Who is the owner of the insurance policies?

Sunsuper.

Who is the underwriter for the Super-savings account?

AIA.

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.

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.

I have found an insurance option better suited to my client, and this insurance option is held in a superannuation trust that doesn’t require a balance. Is it alright if I do a yearly partial rollover from my clients Super-savings account to pay for the premiums? 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 payment of advice fees and FAQ's for more information.