Comparing our Income Protection options
|Feature||Opt in Income Protection||Tailored Income Protection|
|Cover obtained||Opt in1||By application|
|Benefit Period||2 years||2 years, 5 years, to age 65|
|Waiting Period||90 days||30, 60, 90, 180 days|
|Cover up to age 65||✔||✔|
|Covers Self-Employed members||X||✔|
|Partial disablement payments||✔||✔|
|Indexation of cover||X||✔|
|Indexation of Income Protection claim benefits||X||✔3|
|Occupational Rehabilitation support||✔||✔|
|Cover during paid and unpaid leave2||✔||✔|
|Cover during overseas employment||✔||✔|
|Limited cover||24 months and 30 day At Work requirement||X|
|Maximum cover per month||$5,000 ($7,500 if you have White Collar cover)||$30,000|
|Premium waiver when on claim||✔||✔|
2 Income protection cover will stop where your period of Unpaid Leave or parental leave exceeds 24 months.
3 Indexation applied to Benefit Periods under Tailored Income Protection cover.
How much will cover cost?
The cost of cover depends, on your age, gender, level of cover, benefit period, waiting period and occupation.
Income Protection premiums are calculated weekly and normally deducted from your super account each month.
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.
• Income Protection benefits are taxable income and subject to PAYG tax.
What's not covered?
An Income Protection 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.
How to apply
You can apply for an amount of up to 85% of your Income (75% of your Income plus 10% superannuation contribution) but not more than the maximum cover per month. Income is defined in 9 definitions.
Opt in Income Protection
You must apply 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.
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.
Need more information?
Check out the Sunsuper for Life Insurance guide or contact us on 13 11 84 and we'll talk you through it.