A range of improvements were recently made to the Fund’s insurance offering. These included: changing the TPD Assist payment structure to pay a higher amount upfront, removing the time limit on lodging TPD claims, increasing the circumstances in which a lump sum would be paid, removing the activities of daily work definition and removing certain limitations to make it easier for members to get insurance.
In line with this, some Sunsuper for Life members' insurance premiums will be changing from 1 January 2021. TPD premiums will be increasing for the first time since 2014. However, many members will also see premium reductions, especially for Death cover and, in some cases, Income Protection cover.
Sunsuper's Chief Financial Officer, Jason Sommer, said the Fund was committed to keeping members’ premiums as low as possible while offering a range of benefits and improved services.
"Sunsuper hasn't increased standard death and TPD insurance premiums for members since 2014, and since then we’ve managed to reduce the majority of premiums by approximately 40%," said Mr Sommer.
"As a profit-for-members fund, we only increase insurance premiums as a last resort. In this case, it has been over six years since our last standard death and TPD premium increase and we're confident that the product benefits we've been able to negotiate for our members are in their best interests.
"For example, for a 35-year-old female with default cover, from 1 January 2021 it will mean an increase of approximately $0.52 per week, and the largest overall increase for a member with default cover is approximately $1.36 per week.
"At Sunsuper, our size and scale mean we can provide flexible and affordable insurance for our members. Furthermore, as a large profit-for-members fund, Sunsuper can continue to provide a sustainable, value-for-money and competitive insurance offer for our members in the years to come."
Media enquiries: Rebecca Chivers, Sunsuper, 0439 805 589.