IP premiums deducted from your super, so they have no impact on your take-home pay. You may also have the added advantage of insurance premiums offsetting your 15% contributions tax liability.
We offer two solutions:
|Opt In IP||Tailored IP|
|An easy solution to protect your income||Tailored cover to suit your unique situation|
|You must apply within 120 days||You can apply anytime|
|You can cover up to 85% of your income||You can cover up to 85% of your income|
|Benefit payable for up to 2 years||Choose a benefit period of 2 yrs, 5 yrs or to age 65|
|Covered up to age 65||Choose a waiting period of 30, 60, 90 or 180 days|
|Limited cover applies (1)||Covered up to age 65|
|While on claim we'll pay your premiums||Cover subject to application and acceptance|
|While on claim we'll pay your premiums|
|Indexation of cover|
|Indexation of benefit payments|
(1) Limited Cover means that you will not be covered for pre-existing illness or injury. Limited cover will apply for a period of 24 months and until you have been at work for 30 consecutive days after the end of the 24 month period.
How much will cover cost per week?
The cost of the insurance will depend, on your age, level of cover, benefit period, waiting period and occupation. All premiums will be automatically deducted from your super account and so have no impact on your take-home pay.
To find out the cost of cover check out our insurance premiums.
Things to consider
- Premiums generally increase with age.
- If you cease making contributions or have a low account balance insurance premiums could erode your retirement savings.
- Casuals and employees on short-term contracts may be ineligible for cover.
- IP benefits are taxable income and subject to PAYG tax.
What's not covered?
An IP benefit will not be paid if injury or illness is caused from:
- Intentional self inflicted injury.
- Uncomplicated pregnancy, childbirth or miscarriage.
- During the waiting period.
Ready to apply?
|Opt In IP||Tailored IP|
You must apply within 120 days of joining Sunsuper. You can apply when you join online.
If you would prefer to complete a paper application, please complete and return the New Member Options form [PDF 113KB].
You can apply for cover through Member Online.
If you would prefer to complete a paper application, please complete and return the Tailored insurance application [PDF 779KB].
Need more information?
Additional insurance is subject to acceptance by the insurer. The date cover starts will usually be the date it is accepted by the insurer.
Insurance cover is provided through group life policies for Death and TPD, and Income Protection, issued by AIA Australia Limited ABN 79 004 837 861.