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Sunsuper for life. Insurance guide. Learn more about your insurance Identify your insurance needs - PDF
Download "Sunsuper for life. Insurance guide. Learn more about your insurance Identify your insurance needs"
1 Sunsuper for life Insurance guide Learn more about your insurance Identify your insurance needs Preparation date: 9 June 2015 Issue date: 1 July 2015
2 INSURANCE IN YOUR SUPER Contents 1 Why have insurance? 3 Why should I insure through Sunsuper? 4 Competitive Rates saving you money 4 Use your super to pay your insurance 4 Tax breaks 4 Your cover continues even if your job doesn t 4 Bring your current cover with you 4 Features at a glance 5 2 What types of insurance can I have? 6 What types of insurance can I have through Sunsuper? 7 Insurance in your Super-savings account 8 3 Am I eligible for insurance cover? 9 Eligibility for automatic Standard and TPD cover, and Standard IP cover 10 Other important Eligibility Terms and Conditions 10 and TPD 10 Income Protection 10 Self-Employed, unemployed or unpaid Domestic Duties 10 When does my insurance cover start? 11 4 and TPD cover 12 Standard Cover 13 How much Standard and TPD cover do you get? 13 What is the cost of Standard cover and when is it paid? 13 Exclusions and restrictions 13 New Member options increase your and TPD cover by 50% 14 Exclusions and restrictions 14 White Collar cover 15 When does White Collar cover start? 15 Exclusions and restrictions 15 Life and Age Events options 16 Change your Standard or White Collar cover without complicated forms and medical information 16 Life Event options 16 Age Event options 16 Increasing your cover with Life or Age Event options 16 Exclusions and restrictions 16 What is the cost if I change my cover with Life and Age Event options and when is it paid? 17 Tailored and TPD cover 18 Types of cover available 18 How much can I apply for? 18 Interim Accident cover 18 What are the Occupational Categories? 18 Can you change your Occupational Category? 18 How is the premium calculated? 19 Amount and basis for insurance cover 19 TPD cover reduction on fixed cover basis 19 Transferring your and TPD insurance cover 19 Can your health affect your insurance cover? 20 When does Tailored and TPD insurance cover start? 20 Can Tailored and TPD cover restart if it lapses? 20 Restrictions and exclusions 20 Conditions & Exclusions 20 When does and TPD insurance cover stop? 20 What happens if I want to reduce or cancel my cover? 20 What happens during Unpaid Leave or parental leave? 21 What happens if your work situation changes or you leave your employer? 21 What happens if you are employed under the terms of a Class 457, 422 or 418 visa? 21 What happens if you have a Terminal Illness? 21 What happens if you travel overseas on paid leave? 21 What happens if you temporarily reside overseas? 21 What benefits are paid out if you die or become TPD? 21 General exclusion 21 5 Income Protection (IP) cover 22 New Member options Standard IP cover 23 Exclusions and restrictions 23 White Collar IP cover 24 When does White Collar cover start? 24 Exclusions and restrictions 24 Tailored IP cover 25 Maximum amount of Tailored IP cover 25 Interim Accident cover 26 Indexation of Tailored IP cover 26 What happens to my Standard or White Collar IP cover? 26 What are the Occupational Categories? 26 How much is the premium and when is it paid? 26 Sunsuper for life Insurance guide
3 Exclusions and restrictions 27 Transferring your IP insurance cover 27 Can your health affect your insurance cover? 27 Conditions & Exclusions 28 When does IP cover start? 28 When does IP cover stop? 28 What happens if I want to reduce or cancel my cover? 28 What happens if your work situation changes or you leave your employer? 28 What happens if you return to work during the Waiting Period? 28 What happens during Unpaid Leave or parental leave? 28 What happens if you travel overseas on paid leave? 29 What happens if you temporarily reside overseas? 29 Can your IP cover restart? 29 What benefit is paid out? 29 Recurrent event 29 Updating your IP cover 29 Will there be offsets to my benefit payment? 29 Payment of benefits 30 Indexation of Tailored IP benefits 30 Partial Disablement 30 When does payment of the benefit stop? 30 General exclusions 30 6 How to apply and getting financial advice 31 How much insurance will I need? 32 Need help? 32 Nominating your beneficiaries 32 Worksheet to help determine your and TPD insurance needs 33 Worksheet examples 34 How do you apply? 36 7 Premium Rates 38 Standard and White Collar & TPD cover (Premium table 1) 39 New Member options 50% increase in & TPD and Standard and White Collar IP cover (Premium table 2) 40 Life and Age Event options cover and premiums (Premium table 3) 41 Tailored and TPD cover (Premium table 4) 42 Tailored Income Protection cover 2-year Benefit Period (Premium table 5) 43 Tailored Income Protection cover 5-year Benefit Period (Premium table 6) 44 Tailored Income Protection cover Benefit Period to-age-65 (Premium table 7) 45 8 Facts about making a claim 46 Let us help you 46 Do you need a lawyer to assist with your claim? 46 Nominating your beneficiaries 46 How to make a claim 46 claims 46 Disablement claims (TPD and IP) 46 Rehabilitation in Sunsuper Work is Good Medicine 47 Other important information 47 Financial advice 47 If your claim is declined 47 Incorrect information and eligibility for cover 47 Claims after your cover has stopped 47 Your duty of disclosure 47 9 Definitions 48 Tailored insurance application form Tailored insurance (full application) form Transfer of insurance cover form Important information This is the Sunsuper for life Insurance guide. The information in this guide forms part of the Sunsuper for life Product Disclosure Statement (PDS) issued 1 July The PDS references important information contained in this guide by. This guide may reference important information contained in the Sunsuper for life Investment guide and Sunsuper for life guide. The PDS, this guide, Sunsuper for life Investment guide and Sunsuper for life guide should be read in their entirety before making a decision to acquire or continue to hold an interest in Sunsuper. General advice disclaimer The information in the PDS and guides is general information only and doesn t take into account your personal objectives, financial situation or needs. You should consider the appropriateness of any general information in the PDS and guides having regard to your own personal objectives, financial situation and needs. You should obtain financial advice tailored to your personal circumstances. Call us if you would like to speak with one of our qualified financial planners. Protecting your privacy Sunsuper respects the privacy of the information you give us. If you require a copy of our Privacy Policy visit sunsuper.com.au/privacy or call Financial Services Guide (FSG) Visit sunsuper.com.au/fsg or call us on for a copy of the FSG which provides you with information about the financial services Sunsuper Pty Ltd provides and will help you decide whether to use these services sunsuper.com.au 1
5 1 Why have insurance? Even the most carefully made financial plans can fail due to unexpected circumstances. So it makes sense to protect your greatest asset you! 3
6 1 WHY HAVE INSURANCE? (continued) While most people take out insurance for their car and home, unfortunately when it comes to personal insurance many people are underinsured. Having the right insurance cover can ensure a tragedy will not be made worse by financial burden. Through Sunsuper you have the opportunity to protect yourself, your family and your lifestyle if something happens to take away your earning power. Whether you re starting out, getting set up or starting to plan your retirement, insurance is important for everyone. With the, Total and Permanent Disability (TPD) and Income Protection (IP) cover available through Sunsuper you can be covered, no matter what stage of life you re at. It makes sense to have a safety net in place. You can use your insurance benefits to help pay your credit card bills, cover your mortgage or pay the rent, get your children through school and cover the cost of any unexpected medical treatment you may need. Also in the unfortunate event of your death, insurance can ensure your family s financial future is looked after. Why should I insure through Sunsuper? Competitive rates saving you money You don't have to buy insurance cover privately because of our size, we can negotiate competitive rates with our insurer. Use your super to pay your insurance Linking your insurance with your super fund can make sense because the premiums are deducted from your Super-savings account. That means you won t feel the impact in your take-home pay. Tax breaks Super funds receive tax deductions for paying insurance premiums, which in Sunsuper s case are passed on to you. Not all funds pass on this deduction, but we do. Your cover continues even if your job doesn t If you leave your employer your and TPD and IP insurance cover will continue automatically in Sunsuper for life. If you leave your employer and don t wish to continue your cover that s ok just let us know. Please refer to Sections 4 and TPD cover and 5 Income Protection (IP) cover for details of when your cover will stop or a benefit may not be paid. Bring your current cover with you You may be eligible to transfer existing and/or TPD cover (from other super funds or insurance policies up to 1,000,000 per transfer and 2,000,000 in total transfers), and/or IP cover (up to a maximum 10,000 per month per transfer and 20,000 per month in total transfers) to Sunsuper. To transfer your existing cover please complete and return the Transfer of insurance cover form found in the back of this guide. It s important you include all required documentation. If you are thinking about changing super funds, make sure you find out what will happen to your existing cover before you leave your current fund. If accepted by the Sunsuper insurer you will be subject to the terms and conditions outlined in the policy. 4 Sunsuper for life Insurance guide
7 Features at a glance The benefits, features and options for insurance cover in Sunsuper for life are summarised in the table below. More information on each item can be found in this guide. Features cover TPD cover Income Protection cover Terminal Illness cover Standard cover New Member options White Collar cover Life and Age Events Tailored cover Indexation of Tailored IP cover Worldwide cover Cover during paid and Unpaid Leave Cover during overseas employment Automatic continuation of cover Transfer of insurance cover Financial advice Claims support Indexation of Tailored IP benefits Rehabilitation work is good medicine Binding Nominations vs. Preferred Beneficiaries Description Provides a lump sum benefit on the death of a member; members can have only cover Provides a lump sum benefit where a member becomes TPD and meets the conditions of the relevant part of the TPD definition; members can have TPD only cover Provides a replacement income where a member becomes totally disabled and cannot work as a result Provides a lump sum benefit where a member is diagnosed as having a terminal illness and forms part of the cover and TPD cover automatically provided to eligible members on joining Sunsuper Additional and TPD cover and Standard IP cover available to new members Additional Standard and TPD cover is available to eligible members employed in White Collar occupations at no additional cost. Additional IP cover may also be available. Additional cover available for eligible members with Standard and White Collar and TPD cover if they experience a specified Life or Age Event, such as getting married or turning 30 You can tailor your, TPD and/or IP cover to suit your individual circumstances and needs Your Tailored IP cover will be automatically indexed each 1 July by a factor generally aligned to the increase in Average Weekly Ordinary Time Earnings (AWOTE) Cover is provided 24/7 anywhere in the world and TPD cover continues while a member is on leave; IP cover will continue for a period of 24 months during Unpaid Leave Cover continues while a member satisfies the eligibility requirement while working overseas Your and TPD cover continues regardless of your work status, while IP cover is subject to your employment status at the date of disablement We may agree to take over the cover provided by a previous insurer and provide equivalent benefits on Sunsuper s terms and conditions To assist members to determine the amount and type of insurance cover needed and assist members with the proceeds of claims Our experienced Claims Officers are here to help with your claim When on claim your IP benefits will be indexed by the lesser of CPI or 5% on each anniversary of a continuing IP claim If you have an injury, disability or health condition we can arrange work related rehabilitation to assist you back to meaningful work You can nominate your preferred beneficiaries or you can make a binding beneficiary nomination sunsuper.com.au 5
8 2 What types of Insurance can I have? 6
9 What types of insurance can I have through Sunsuper? Members have access to: cover, Total and Permanent Disability (TPD) cover, and Income Protection (IP) cover. Type of Insurance cover Type of benefit paid Is cover provided automatically? How will it protect me? cover Lump Sum Yes 1 If you die, your dependants or beneficiaries receive a lump sum, helping them to pay any debts or bills and provide ongoing income TPD cover Lump Sum Yes 1 to help you pay any debts and bills and fund disability related expenses If you are Totally and Permanently Disabled, you will receive a lump sum such as home modifications and special medical needs IP cover Monthly income No, but refer to New Member option Standard IP cover 1 You must be eligible for the cover. Please refer to When does my insurance cover start? on page 11. Provides an income for up to 2 years while you are unable to work due to sickness or injury to help you pay your expenses while you focus on your health and recovery Eligible members are automatically provided with Standard and TPD cover (for more information refer to 3 Am I eligible for insurance?). On joining you can choose to have an additional 50% Standard and TPD cover (New Member option), and if eligible, White Collar and TPD cover which provides 50% more cover than Standard cover at no additional cost. You can also increase your cover with a Life or Age Event. If you require more cover this can be provided within Tailored and TPD cover. On joining you can choose to have Standard IP cover, subject to acceptance by the insurer, and if eligible, White Collar IP cover which may provide more cover than Standard IP cover at no additional cost. If you require more cover, a different Benefit Period or Waiting Period, this can be provided within Tailored IP cover sunsuper.com.au 7
10 2 WHAT TYPES OF INSURANCE CAN I HAVE? (continued) Insurance in your Super-savings account Sunsuper provides access to flexible, TPD and IP insurance to keep you protected 24 hours a day, 7 days a week if something unfortunate were to happen to you. You have the flexibility to make sure your cover is right for you. Sunsuper offers easy ways for you to change your cover, apply for cover or cancel your cover. The summary below describes the insurance you can have through Sunsuper. Standard cover New Member options Increase and TPD by 50% Opt in Standard IP and TPD Section 4 White Collar cover Additional and TPD May provide additional Standard IP Life and Age Events Additional and TPD Life Events If you are ineligible for Standard cover Age Events OR You need more cover Tailored cover and TPD IP Section 4 Section 5 Section 4 Section 5 Section 4 Section 5 Section 4 Section 4 It s important to review your insurance needs and check whether Standard insurance cover is enough. The Trustee reserves the right to limit the amount of cover provided. Any increase or change is subject to acceptance by the Insurer. Satisfactory evidence of health may be required when you apply for increased or Tailored cover. In the event of a dispute the policy will override the information in the PDS and this guide. Insurance cover is provided through group life policies for and TPD, and Income Protection, issued by AIA Australia Limited ABN (AIA) to the Trustee of the Sunsuper Superannuation Fund. In conjunction with either a disablement claim application or an application for additional cover, Sunsuper members may be contacted directly by an AIA representative on behalf of the Fund to discuss or gather information relating to their application. If you have two or more Super-savings accounts in Sunsuper for life, you will only be entitled to insurance cover from one account (with the exception of Sunsuper for life Corporate Super-savings accounts and Sunsuper for life Business Super-savings accounts). 8 Sunsuper for life Insurance guide
11 3 It Am I eligible for insurance cover? is very important to check your eligibility for Standard cover. If you are not eligible for Standard cover you can apply for Tailored cover at any time. 9
12 3 AM I ELIGIBLE FOR INSURANCE COVER? (continued) Eligibility for automatic Standard and TPD cover, and Standard IP cover Types of Insurance Cover Age Eligible for Standard cover Not eligible for Standard cover You are actively employed 1 you are Self-Employed 2, or TPD You are actively employed 1 you are not employed, or you have previously received or are eligible to receive a Terminal Illness benefit, TPD benefit or a benefit as a result of Permanent Incapacity or a Terminal Medical Condition from Sunsuper or another fund or insurer. IP You are actively employed 1 on a permanent basis for a minimum of 15 hours per week you are a casual or contract employee, or you are Self-Employed 2, or you are employed under a Class 457, 422 or 418 working visa, or you are not employed; or you are working less than 15 hours per week. 1 You will be actively employed if you satisfy the At Work definition at the date your automatic Standard insurance cover starts refer to 9 Definitions for the At Work definition. 2 Self-Employed means a person who is predominantly working in their own business on a regular basis and earning an income refer to section 9 Definitions for the definition of Self-Employed Person. Other important Eligibility Terms and Conditions and TPD As a general rule, your eligibility for Standard or White Collar and TPD cover will not be assessed until you make a claim. If you are not At Work on the first day with your new employer Limited Cover will apply until you satisfy the At Work requirements for 30 consecutive days where you have joined Sunsuper and a Superannuation Guarantee (SG) contribution is received within 120 days of the date you joined your employer. Where you joined Sunsuper and an SG contribution is received more than 120 days after the date you joined your employer Limited Cover will apply to your cover for a period of 24 months and will cease to apply once you satisfy the At Work requirements for 30 consecutive days after the end of the 24-month period. If you were under age 15 when you joined Sunsuper, your cover will automatically commence upon receipt of an SG contribution after you have turned age 15. If your insurance cover start date is more than 120 days from the date you joined your employer or you have White Collar cover, a or TPD benefit will not be paid where or TPD is caused by suicide or any intentional self-inflicted act within 12 months of your insurance cover start date. If you are not eligible for Standard cover, or you want to change the basis of your cover or increase your level of cover, you can apply for Tailored cover. Any application will be subject to acceptance by the insurer (satisfactory evidence of health will be required). To avoid being charged premiums for cover that you are ineligible for, please ensure that you notify us if you are ineligible or contact us if you would like to discuss whether you are eligible for Standard cover. Members whose financial affairs are under the supervision of a third party due to their medical condition or incapacity, such as a public trustee office, are entitled to Standard only cover subject to satisfying the At Work requirements. Members not satisfying the At Work requirements will not be eligible for Standard only cover. They will also not be able to apply for New Member and Life and Age Event options or for White Collar cover. Some members may have other insurance offers made to them from time to time or you may be part of a group transfer from another fund. Your insurance arrangements and eligibility may differ from those contained in this guide. You will be advised if this applies to you. Income Protection As a general rule, your eligibility for Standard or White Collar IP cover will not be assessed until you make a claim. If you have Standard or White Collar cover Limited Cover will apply for the first 24 months and will cease after you satisfy the At Work requirements for 30 consecutive days after the initial 24-month period. An Income Protection benefit will not be paid if the injury or sickness is caused, wholly or partly, directly or indirectly, from: deliberate self-inflicted injury or attempted suicide or self destruction while sane or insane, uncomplicated pregnancy, childbirth or miscarriage, your deployment to a hostile environment as part of active military service, or a criminal act committed by you. You are not eligible for Standard or White Collar IP cover if your financial affairs are under the supervision of a third party such as the public trustee, due to your medical condition or incapacity. Self-Employed, unemployed or unpaid Domestic Duties If you are Self-Employed, unemployed or are engaged in unpaid Domestic Duties in your own home you are eligible to apply for Tailored cover. 10 Sunsuper for life Insurance guide
13 When does my insurance cover start? The following table outlines when your cover will start and the conditions applicable to that cover. For details on how you can apply for the insurance covers listed below, please refer to 6 How to apply and getting financial advice. Insurance cover or option What starts cover? Insurance cover start date 1 Limited Cover 2 At Work 3 Other important information Standard and TPD Receipt of your first SG contribution which is within 120 days from Date Joined Employer Receipt of your first SG contribution which is outside 120 days from Date Joined Employer Date Joined Employer 4 Date of the first SG contribution No 24 months on Date Joined Employer 30 days If you are not At Work on your insurance cover start date Limited Cover will apply until you satisfy the At Work requirements for 30 days. 5 Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. New Member option Standard IP New Member option additional 50% Standard and TPD Receipt of your first SG contribution and you select this option within 120 days of joining Sunsuper Receipt of your first SG contribution and you select this option within 120 days of joining Sunsuper Date Standard cover starts 24 months 30 days Not Available n/a n/a Date Standard cover starts 24 months 30 days Not Available n/a n/a Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. Not available as you select this option outside 120 days of joining Sunsuper. Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. Not available as you select this option outside 120 days of joining Sunsuper. Receipt of your first SG contribution and you select this option within 120 days of joining Sunsuper Date Standard cover starts 24 months 30 days Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. White Collar cover You apply for White Collar cover outside 120 days of joining Sunsuper using the White Collar cover form and you already have Standard cover Date of acceptance of your application by the insurer 24 months 30 days Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. Life and Age Events Application by you not more than 180 days after the Life or Age Event Date of acceptance of your application by the insurer 24 months 30 days Limited Cover will cease after you satisfy the At Work requirements for 30 days 5 after the initial 24-month period. Restarting Standard and TPD after previous cover lapsed Receipt of an SG contribution Date of the SG contribution Yes 30 days Limited Cover will cease after you satisfy the At Work requirements for 30 days. 5 Tailored Cover Application by you at anytime Date of acceptance of your application by the insurer n/a n/a n/a 1 If Sunsuper is not notified of a Date Joined Employer (DJE) the date of your first SG contribution will be used to calculate your insurance cover start date. The DJE will be checked at the time a claim is made as part of the claims process. 2 Limited Cover please refer to 9 Definitions. 3 At Work please refer to 9 Definitions. 4 Date Joined Employer will be the first DJE recorded on your Super-savings account from the time you are recorded as a member of the Fund days are consecutive and are inclusive of days not scheduled for work (e.g. weekends, RDOs, etc.) and days where you are not precluded from work for reasons of injury or sickness sunsuper.com.au 11
14 4 If and TPD cover you die or become Totally and Permanently Disabled you may receive a lump sum to help you, your dependants or your beneficiaries pay debts or bills, provide an ongoing income or fund special medical needs. 12
15 Standard Cover Standard cover and TPD Section 4 New Member options Increase and TPD by 50% Opt in Standard IP Standard cover and TPD Section 4 White Collar cover Additional and TPD May provide Additional Standard IP Life and Age Events Additional and TPD Life Events If you are ineligible for Standard cover Age Events OR You need more cover Tailored cover and TPD IP Section 4 Section 5 Section 4 Section 5 Section 4 Section 5 Section 4 Section 4 Cover Amount Your Standard insurance cover is and TPD. This cover is provided automatically to eligible members without the need for you to provide evidence of your health or undergo a medical examination. How much Standard and TPD cover do you get? The amount of Standard insurance cover you receive depends on your age and type of cover and will generally change each year on your birthday. Between the ages of 15 and 29 (inclusive) eligible members are provided with a higher amount of TPD cover than cover. To find out which level of cover applies to you take a look at the Premium table 1 on page 39. To make sure your cover is right for you we offer easy ways for you to change your Standard cover. We will confirm your cover each year in your Annual statement. To confirm your cover amount at any time just visit Member Online or call us on The following graph summarises the Standard cover you receive automatically. Details can be found in Premium table 1. Standard cover levels by age (indicative) 250, , , ,000 50, TPD cover (TPD cover ends at age 67) What is the cost of Standard cover and when is it paid? The cost of your insurance cover will depend on your age and gender. Premiums are calculated weekly and normally deducted from your Super-savings account each month so you won t feel the impact on your take-home pay. To find out which level of cover applies to you and the premium take a look at the Premium table 1 on page An example of automatic Standard and TPD cover: Jayne is 30 years old when she joins Sunsuper. Her Standard cover commences on receipt of her first employer Superannuation Guarantee (SG) contribution. Her insurance cover start date will be the date of receipt of the SG contribution, or earlier date if the date she joins her employer (DJE) is earlier and within 120 days of the receipt of her first SG contribution. Jayne refers to Premium table 1 for details of her Standard cover and her weekly premium cost. Standard cover Age last Amount of cover () Premium per week () birthday TPD TPD Female , Exclusions and restrictions A or TPD benefit will not be paid where caused by suicide or any intentional self-inflicted act within 12 months of your insurance cover start date where it is more than 120 days after the date you joined your employer. If your insurance cover start date is within 120 days of the date you joined your employer and you were not At Work on the date you joined your employer, Limited Cover will apply until you have been At Work for 30 consecutive days. Limited Cover will also apply to your Standard and TPD cover where your insurance cover start date is more than 120 days after the date you joined your employer. Limited Cover will be 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. Please refer to the definition of Limited Cover and At Work in 9 Definitions sunsuper.com.au 13
16 4 DEATH AND TPD COVER (continued) New Member options increase your and TPD cover by 50% Standard cover New Member options Increase and TPD by 50% Opt in Standard IP and TPD Section 4Standard cover New Member options Increase and TPD by 50% Opt in Standard IP Section 4 Section 5 and TPD Section 4 White Collar cover Additional and TPD May provide Additional Standard IP Section 4 Section 5 Life and Age Events Additional and TPD Life Events Age Events Section 4 Section 4 If you are ineligible for Standard cover OR You need more cover Tailored cover and TPD IP Section 4 Section 5 Section 4 Section 5 Within 120 days of joining Sunsuper you have the opportunity to increase your Standard or White Collar and TPD cover by 50% for an increase in premium of 50% without complicated forms and medical information. You can choose this option on joining Sunsuper when you join online or you can apply by completing and returning your Membership application form. If you change your cover using the New Member option, and are approved by the insurer, your changed cover levels and premiums will start from the day your Standard cover starts. Any premiums associated with the change will be charged in addition to your Standard cover premiums and will be calculated weekly and normally deducted from your Super-savings account monthly. To find out the premium take a look at the Premium table 2 on page 40. Exclusions and restrictions A or TPD benefit will not be paid where caused by suicide or any intentional self-inflicted act within 12 months of your insurance cover start date where it is more than 120 days after the date you joined your employer. Limited Cover will also apply to any increase in your and TPD cover as a result of you choosing the New Member option. Limited Cover will be 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. Please refer to the definition of Limited Cover and At Work in 9 Definitions. An example of increasing your automatic Standard and TPD cover using the New Member option: When Jayne joins Sunsuper, she decides she would like an additional 50% of and TPD cover. She completes her Membership application form and ticks the appropriate box. Jayne refers to Premium table 2 for details of her new Standard cover and her weekly premium cost as a result of selecting the New Member option. Standard cover Age last Amount of cover () Premium per week () birthday TPD TPD Female , Sunsuper for life Insurance guide
17 White Collar cover Standard cover and TPD Section 4 White Collar cover Additional and TPD New Member options Increase Opt in May provide and Standard IP Additional TPD by 50% Standard Section IP 4 Section 5 Standard cover and TPD Section 4 White Collar cover Additional and TPD May provide Additional Standard IP Section 4 Section 5 Life and Age Events Additional and TPD Life Events Age Events Section 4 Section 4 If you are ineligible for Standard cover OR You need more cover Tailored cover and TPD IP Section 4 Section 5 Section 4 Section 5 White Collar cover entitles you to 50% more cover than Standard and TPD cover at no additional cost to you. White Collar cover can also apply to any increase in Standard and TPD cover as a result of your New Member option and your Life and Age Events. If you are permanently employed, work at least 15 hours per week and at least 80% of the work you perform is in an office environment (excluding travel from one job to another) and your duties are limited to clerical, administration, managerial (or similar) which do not involve more than 10% light manual duties, you can apply by completing the White Collar eligibility question on your Membership application form or by completing the questions when you join online. You can also complete the White Collar application form. You can get a copy of this form by visiting sunsuper.com.au/forms or calling When does White Collar cover start? If you apply within 120 days of joining Sunsuper, your White Collar cover will start from your insurance cover start date. If you apply for White Collar cover after 120 days of joining Sunsuper, your White Collar cover will start from the date the insurer accepts your application. An example of White Collar cover: Jayne is a technical writer and qualifies for White Collar cover. She ticked the appropriate box on her Membership application form. Jayne has now indicated on her Membership application form she wanted the New Member option to apply (50% increase on Standard cover) and she qualifies for White Collar cover. She has completed her Membership application form within 120 days of her joining Sunsuper. Jayne refers to Premium table 2 for details of her White Collar cover and her weekly premium cost. Age last birthday Standard cover with New Member option () White Collar cover White Collar cover () TPD TPD Premium per week for Standard or White Collar cover () TPD Female , , Exclusions and restrictions A or TPD benefit will not be paid where caused by suicide or any intentional self-inflicted act within 12 months of your White Collar cover commencement date where it is more than 120 days after the date you joined your employer. Limited Cover will also apply to any increase in your and TPD cover as a result of you being accepted for White Collar and TPD cover. Limited Cover will be 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. Any Limited Cover applying to your Standard cover will continue to apply. Please refer to the definition of Limited Cover and At Work in 9 Definitions sunsuper.com.au 15
18 4 DEATH AND TPD COVER (continued) Life and Age Events options Standard cover and TPD Section 4 New Member options Standard cover and TPD Section 4 Life and Age Events White Collar cover Increase Opt in Additional Additional and Standard IP Standard IP TPD by 50% Additional and TPDand TPD Section 4 Section 5 Section 4 Section 5 Life Events Age Events Section 4 Section 4 Life and Age Events Additional and TPD Life Events Age Events Section 4 Section 4 If you are ineligible for Standard cover OR You need more cover Tailored cover and TPD IP Section 4 Section 5 When your life changes your Life and Age Event options give you opportunities to increase your and TPD cover at the times in your life when it matters the most. To increase your cover you can apply within 180 days following one of the Life or Age Events occurring. The Life and Age Event options apply to your existing Standard or White Collar cover, TPD cover or and TPD cover. Change your Standard or White Collar cover without complicated forms and medical information At Sunsuper we know how important it is to have the right amount of insurance which is why we offer easy ways for you to change your Standard or White Collar cover to make sure it s right for you. The options discussed here will allow you to change your Standard or White Collar cover while avoiding the complicated forms and medical checks often associated with insurance. Life Event options 1 you get married, 2 you have or adopt a child, or you take out a mortgage 3 to buy or build your home or you increase your current mortgage 3 by 100,000 or more. 1 You can only apply for Life Event options up to age Marriage as defined by the Marriage Act 1961 (Cth). 3 The mortgage must be with a financial institution and for your principal place of residence. Age Event options you turn 30, 40 or 50. Increasing your cover with Life or Age Event options You can apply to increase your cover within 180 days following one of the Life or Age Events occurring. You can apply up to four times for Life Events plus you have three opportunities to increase cover with the Age Events. For the Life Event option(s) you are applying for, you ll need to provide to us (as proof of the Life Event) a copy of your: marriage certificate, child s birth certificate or adoption papers, or signed mortgage agreement. If accepted by the insurer, each Life or Age Event will increase your Standard or White Collar cover by the Life and Age Event increase amount shown in the Premium table 3 on page 41. The amounts shown are equal to 25% of the Standard or White Collar cover you are eligible for at the age you are accepted for the increase. The increased amounts are based on your type of cover at the time of your application ( only, TPD only or and TPD) and do not apply to members with Tailored and/or TPD cover. Your new cover will start from the date you are accepted by the insurer. Have you had a Life or Age Event? Visit sunsuper.com.au/lifeevents to find out how to increase your cover or contact us for a copy of the relevant form. Exclusions and restrictions A or TPD benefit will not be paid where caused by suicide or any intentional self-inflicted act within 12 months of your Standard or White Collar covers increases as a result of a Life or Age Event. Limited Cover will apply to the increase in your Standard or White Collar and TPD cover as a result of a Life or Age Event 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. Please refer to the definition of Limited Cover and At Work in 9 Definitions. 16 Sunsuper for life Insurance guide
19 What is the cost if I change my cover with Life and Age Event options and when is it paid? If you change your cover using one of the Life or Age Event options and are accepted by the insurer your changed cover levels and premiums will start from the date accepted by the insurer. Any premiums associated with the change will be charged in addition to your Standard cover premiums and will be calculated weekly and normally deducted from your Super-savings account monthly. Refer to Premium table 3 on page 41 for Life and Age Event options cover and premium tables. Examples of how to calculate your Life and Age Event option and premium: Tom has just turned 40. He has Standard and TPD cover of 186,000. He applies to increase his cover as a result of an Age Event. He will receive additional Standard cover of 46,500 on acceptance of his application. Tom refers to Premium tables 1 and 3 for details of his new Standard cover and his weekly premium cost as a result of the Age Event. Age last birthday Standard cover with Life or Age Event Current Standard cover () Life & Age Event () New Standard cover () TPD TPD TPD Premium per week for Standard cover () TPD Male ,000 46, ,500 ( ) = Age last birthday Maddie is 34 and has just given birth to Jake. She has White Collar cover only of 369,000. She applies to increase her cover as a result of her Life Event. She will receive additional White Collar only cover of 92,250 on acceptance of her application. Maddie refers to Premium tables 1 and 3 for details of her new White Collar cover and her weekly premium cost as a result of the Life Event. Current White Collar cover () White Collar cover with Life or Age Event Life & Age Event () New White Collar cover () only only only Premium per week for White Collar cover () only Female ,000 92, ,250 ( ) = sunsuper.com.au 17
20 4 DEATH AND TPD COVER (continued) Tailored and TPD cover New Member options Increase and TPD by 50% Opt in Standard IP Section 4 Section 5 Standard cover and TPD Section 4 White Collar cover Additional and TPD May provide Additional Standard IP Section 4 Section 5 Life and Age Events Additional and TPD Life Events Age Events Section 4 Section 4 If you are ineligible If you are ineligible for Standard cover for Standard cover Tailored OR cover You need more cover OR and TPD You IP Section 4 Section 5 need more cover Tailored cover and TPD IP Section 4 Section 5 If you re not eligible for Standard insurance cover, or you have previously cancelled your cover and want to reapply, or you simply want to increase the level or change the basis of insurance provided by Standard cover you may apply for Tailored cover. Sunsuper reserves the right to limit the amount of Tailored cover provided. Types of cover available only, TPD only, and TPD How much can I apply for? Any application for insurance cover is subject to acceptance by the insurer. Satisfactory evidence of health may be required. You can apply for either only cover or TPD only cover or and TPD cover up to the maximum levels. You can also apply for and TPD cover where the amounts of each type of cover differ. Sunsuper reserves the right to limit the amount of cover provided. You can apply for up to the following maximum cover levels: cover Unlimited Terminal Illness cover 5 million (this forms part of the cover) TPD cover 3 million Interim Accident cover Up to 90 days interim Accidental and/or Accidental TPD cover will apply immediately from the date we receive your completed Tailored Insurance cover application form. See 9 for the definition of Accident. No premium is charged for the interim Accident cover. The interim cover ends on the earlier of acceptance, deferral or rejection of your application for Tailored cover or 90 days from receipt of your application. The amount of interim Accident cover is the lesser of the amount of Tailored cover you are applying for and 2 million. No interim Accident cover will be paid if during the interim period, death or disability is caused directly or indirectly by engaging in any sport or pastime that the insurer would not normally cover at standard rates or any other exclusions under the policy. What are the Occupational Categories? When you apply for Tailored and TPD cover the insurer will determine your occupational category based on your occupation at the time. When calculating your insurance premium within Tailored cover, an occupational loading will be applied based on your occupational category. Refer to 9 Definitions which briefly describes how Occupational Categories are determined. Please note that Tailored cover may not be available for high-risk occupations. Can you change your Occupational Category? If your occupation changes so you are in a less manual or hazardous occupation, you can apply for a new Occupational Category by completing an Occupational rating form (visit sunsuper.com.au/forms). This may result in a reduction in your premiums (fixed cover) or increased cover (fixed premium). Where you currently have fixed premium and have an Occupational Category of Hazardous, a change in your Occupational Category may result in a lower premium, however your levels of cover will remain the same. It s simple, you can apply for Tailored cover anytime. You can apply for cover through Member Online, our secure online service. Just visit sunsuper.com.au and follow the prompts to Member Online. If you re not signed up for Member Online it s simple just contact us and we ll have you set up in no time. If you would prefer filling in a paper application we have included all the forms you need in the back of this guide. Make sure you read the information at the start of your form pack to make sure you fill out the form that is right for you. 18 Sunsuper for life Insurance guide
Sunsuper for life Insurance guide Learn more about your insurance Identify your insurance needs Preparation date: 22 June 2016 Issue date: 1 July 2016 INSURANCE IN YOUR SUPER Contents 1 Why have insurance?