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, Total & Permanent Disability Assist, and Opt In Income Protection)
- Tailored Death
- Tailored Total & Permanent Disability
- 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:
FAQ's for Super-savings account Insurance
Who is the owner of the insurance policies?
Who is the underwriter for the Super-savings account?
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.
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?
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.