Life Insurance And Sunsuper: What's The Deal?

Sunsuper, now known as the Australian Retirement Trust following a merger with QSuper in 2022, offers life insurance to its eligible members. This includes Death and Total & Permanent Disability (TPD) cover, with the option to tailor the insurance cover to individual needs. The cost of Sunsuper's life insurance products depends on the level and type of cover, with premiums deducted from the member's superannuation account. While medical tests are usually not required to apply for Sunsuper life insurance, additional evidence or a full review of medical records may be necessary in the event of a claim.

Sunsuper members are provided with Standard Death and Total & Permanent Disability (TPD) Assist cover by default

Sunsuper, now known as the Australian Retirement Trust following a merger with QSuper in 2022, offers Standard Death and Total & Permanent Disability (TPD) Assist cover by default to its eligible members. This means that, provided certain criteria are met, Sunsuper members can receive death cover and TPD Assist cover as part of their super accounts without needing to apply for a separate policy.

To be eligible for automatic Standard Death and TPD Assist cover, members must be actively employed and making contributions to their superannuation. They must also be at least 25 years old and have a super account balance of at least $6,000. Members who do not meet these requirements may still be able to opt in to the cover or seek a tailored plan.

The Standard Death cover provided by Sunsuper is available until the age of 70 and includes terminal illness cover. In the event of the member's death, a lump sum of up to $250,000 is paid out. The TPD Assist cover, on the other hand, lasts until the age of 67 and provides support payments if the member suffers an injury or illness that prevents them from working until retirement age. These support payments can be made in up to six instalments over a minimum period of five years or, in limited circumstances, as a lump sum.

It is important to note that the cost of Sunsuper's life insurance products depends on the level and type of cover, as well as the member's age and gender. The cover provided by Sunsuper may not be suitable for everyone, and individuals should compare various providers to ensure they find a policy that meets their specific needs.

Sunsuper members can tailor their insurance cover to suit their needs

Sunsuper, now known as the Australian Retirement Trust following its merger with QSuper in 2022, offers eligible members life insurance within their superannuation accounts. This includes Death and Total & Permanent Disability (TPD) cover.

Eligible members are automatically provided with Standard Death and TPD Assist cover by default. However, Sunsuper members can also choose to tailor their insurance cover to suit their individual needs. This tailored cover is suitable for members with specific requirements or those who are not eligible for the standard cover.

With the tailored option, members can choose from the following:

• Tailored Death cover: This is available up until the age of 70 and includes terminal illness cover.
• Tailored TPD cover: This is available up until the age of 67, and members can select between TPD or TPD Assist cover. TPD Assist may provide long-term early intervention and occupational rehabilitation support, along with up to six support payments over a minimum of five years. On the other hand, TPD cover provides a single lump-sum payment if the member is totally and permanently disabled.
• Opt-in or tailored Income Protection cover: This is available up until the age of 65 and provides a fixed monthly benefit of up to 85% of the member's income, with a maximum of $5,000 per month.

Sunsuper members can opt in for Income Protection cover within 120 days of joining

Income Protection cover provides a fixed monthly benefit of up to 85% of the member's income, up to a maximum of $5,000 per month. This cover ensures that members can continue to receive an income while they focus on their health and recovery, without the added stress of financial strain.

The process of opting in for Income Protection cover is straightforward and can be done quickly and easily. Members can rest assured that their financial needs will be taken care of should they face any temporary setbacks that impact their ability to work.

It is worth noting that Sunsuper is no longer operating independently and has merged with QSuper to become the Australian Retirement Trust. However, the option to opt in for Income Protection cover within 120 days of joining still stands for members of the new entity. This demonstrates the continued commitment to providing financial security and peace of mind for its members.

By offering Income Protection cover, Sunsuper provides its members with valuable protection against unforeseen circumstances. This cover ensures that members can maintain financial stability, even during challenging times, and is a testament to Sunsuper's dedication to the well-being of its members.

Sunsuper members can apply for White Collar Income Protection cover

Sunsuper, now known as the Australian Retirement Trust, offers eligible members life insurance, including Death and Total & Permanent Disability (TPD) cover, within their super accounts. This includes Standard Death and TPD Assist cover by default, with the option to tailor the insurance cover to individual needs.

The benefits of White Collar Income Protection cover are significant, especially for those in white-collar professions. By providing a higher level of financial protection, this type of cover can help to ensure that individuals and their families are taken care of during difficult times. It is important to note that the cost of Sunsuper's life insurance products, including White Collar Income Protection cover, depends on various factors such as the level and type of cover, as well as the age and gender of the member.

In addition to the financial benefits, White Collar Income Protection cover also offers peace of mind and security. Knowing that you have adequate insurance coverage can reduce stress and worry, allowing you to focus on your career and personal life. This type of cover can be especially important for those in white-collar roles, who may have specific financial obligations and goals.

To apply for White Collar Income Protection cover, Sunsuper members can contact the fund directly to discuss their eligibility and the specific details of the cover. It is important to carefully review the terms and conditions of any insurance product before making a decision, to ensure that it meets your individual needs and requirements.

Sunsuper members can increase their cover by applying for a tailored life insurance policy

Eligible Sunsuper members are automatically enrolled in Standard Death and TPD Assist cover. However, members have the option to tailor their insurance cover to suit their specific needs. This tailored cover provides several benefits. Firstly, members can opt for Tailored Death cover up to the age of 70, which includes terminal illness cover. Secondly, they can choose between Tailored TPD Assist and Tailored TPD cover up to the age of 67. TPD Assist provides long-term support and up to six support payments over a minimum of five years, while TPD cover offers a single lump-sum payment for those who are totally and permanently disabled. Lastly, Sunsuper members can also apply for Opt-in or Tailored Income Protection cover up to the age of 65, which provides a fixed monthly benefit of up to 85% of their income.

The cost of Sunsuper's life insurance products depends on various factors, including the level and type of cover, the inclusion of any optional benefits, as well as the member's age and gender. It's important to note that the amount of cover members are eligible for changes over time. For example, Death cover reaches its highest amount in a member's early thirties before declining. Therefore, by offering tailored life insurance policies, Sunsuper provides its members with the flexibility to increase their cover and ensure they have adequate protection throughout their lives.

Frequently asked questions