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Could you access your insurance through super?

Last updated: 19 April 2020

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Key points

  • There are no pandemic exclusions in place as a result of COVID-19
  • If a Sunsuper member was to pass away as a result of COVID-19, their insurance claim will be assessed as per normal conditions
  • If you have been diagnosed with COVID-19 (Coronavirus) and are unable to work due to this illness, and lodge a claim, it will be assessed as per normal conditions.
  • If you do not have insurance cover in place, you may wish to apply for cover.
  • If changes have been made to your employment as a result of the COVID-19 (Coronavirus) Pandemic, and you have not ceased work due to an illness or injury, you cannot claim against your insurance. If you have been significantly financially impacted by COVID-19 you may be eligible to apply to the ATO for early access to your super

We understand that the current global uncertainty caused by COVID-19 (Coronavirus) might leave you with some questions about your insurance with Sunsuper. This page is designed to help answer some questions you might have and to ease any uncertainty you may be feeling. 

 


How might accessing my super early effect my insurance?

If your account balance reduces to zero, you’ll keep any insurance cover you have for up to four months without receiving contributions to your account. Your weekly premiums will continue to accrue and be payable but won’t be deducted until you have an account balance. More information about keeping your insurance will be sent to you. Refer to your Product Disclosure Statement (PDS) for more details on insurance premiums.

 


I’ve been made redundant or stood down on leave without pay, can I make an income protection insurance claim?

Unfortunately, no. Income protection insurance cover provides you with ongoing income and other support such as occupational rehabilitation support should you become temporarily unable to work due to an injury or and illness like COVID-19. 

There may also be other avenues to help you during this uncertain time. The Australian Federal Government has unveiled several support measures that may help. For further details of these options, please refer to the Australian Federal Government’s Treasury webpage.

Furthermore, if you have been significantly financially impacted by COVID-19 you may be eligible to apply to the ATO for early access to your super

 


What happens if a Sunsuper member was to pass away as a result of COVID-19, does a pandemic exclusion apply?

Like everyone at the moment, we are deeply affected and concerned by the loss of life caused by COVID-19 (Coronavirus). While no one expects the worst to happen, the right insurance cover can help you and your family feel prepared and protected during this time.

Our insurance partners have confirmed that there will be no impact on claims decisions due to COVID-19. If a Sunsuper member was to pass away as a result of COVID-19, their claim assessment would not be subject to a pandemic exclusion.

For new members please refer to the Sunsuper for life insurance guide for when cover starts.

  Learn more about Death and Total & Permanent Disability Assist.

 


What happens if I need to lodge a Total and Permanent disablement claim as a result of COVID-19

While the long-term physical impacts of COVID-19 (Coronavirus) are not yet known, Sunsuper will be there to help should you be required to claim on your Total and Permanent Disability Assist cover.

Our insurance partners have confirmed that there will be no impact on claims decisions due to COVID-19.

For new members please refer to the Sunsuper for life insurance guide for when cover starts.

  Learn more about Death and Total & Permanent Disability Assist.

 


I’ve have been diagnosed with coronavirus, can I claim on income protection?

The team at Sunsuper understand that this must be an extremely difficult time right now and we hope you can recover quickly.

You may be able to claim on income protection to help you through this period if you already have income protection cover in place and are unable to work due to this illness. There are no exclusions applied specifically in relation to COVID-19, however, your eligibility to claim will depend on your personal circumstances, for example, how long you have been actively employed prior to being diagnosed and ceasing work due to your illness.

If you do not have income protection in place, you may wish to apply for cover. You would not be able to claim on income protection cover if you ceased work due to the illness before applying to have the cover.  

 


Can I increase my insurance cover in case I get coronavirus?

Having the right level of insurance cover can give you peace of mind about the financial future for you and your family. If you would like to increase your insurance cover, you have the option to apply for Tailored cover. You can apply to increase your Death only, Death and Total & Permanent Disability or Total and Permanent Disability only cover.

Any application for insurance cover is subject to acceptance by the insurer. Satisfactory evidence of health may be required, and you may be asked to confirm your recent or intended travel activity. 

  Learn more about Personalising your cover.

Another option available to increase your insurance cover is referred to as our life and age events cover. When your life changes your Life and Age Event options give you the opportunity to increase your Death and Total & Permanent Disability Assist cover at the times in your life when it matters the most. Any increase in cover as a result of a Life or Age Event will be Limited Cover for 24 months from the date your application is accepted, and you will need to be At Work for 30 consecutive days after the end of the 24 month period.

For further information about the specific cover types and the terms and conditions relating to the cover, please refer to the Sunsuper for life insurance guide.

Underwriting (what level of cover we agree to insure for) requirements for Tailored cover are being reviewed and updated as the COVID-19 pandemic unfolds. If you have an application for insurance or are about to apply, new requirements will be communicated to you if applicable. 

 


If I do not have income protection in place, can I apply for cover?

 At Sunsuper we offer to two kinds of income protection:

  • Opt In Income Protection
  • Tailored Income Protection

To take out Opt In Income Protection you must apply for the cover within 120 days of joining Sunsuper. You can apply when you join online or via Member Online (if you are already a member).

If you would prefer filling in a paper application, please complete and return the New Member Options form.

To take out Tailored Income Protection, you can apply for cover through Member Online. If you would prefer filling in a paper application, please complete and return the Tailored insurance application form.

Underwriting (what level of cover we agree to insure for) requirements for Tailored cover are being reviewed and updated as the COVID-19 pandemic unfolds. If you have an application for insurance or are about to apply, new requirements will be communicated to you if applicable.

  Refer to our Income Protection page for more information with regards to income protection and the terms and conditions.