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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, 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?

Sunsuper.

Who is the underwriter for the Super-savings account?

AIA.

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?

No.

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?

Any.

Is the Total & Permanent Disability definition unable or unlikely to return to the workforce?

Unable.

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?

Indemnity.

Will Income Protection continue if a successful Total & Permanent Disability 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.