Best-value Insurance in Super
GOLD WINNER SUNSUPER
A focus on rehabilitation through TPD cover supports comprehensive, competitively priced policies
The insurance industry has faced many challenges this year: the pandemic, increasing costs and regulatory changes.
The Sunsuper for Life Business product came out on top for the second year in a row, followed by Equip MyFuture and Intrust Super, which were also repeat finalists.
Sunsuper is one of Australia’s biggest super funds, with $65 billion under management and 1.5 million members. While it is based in Queensland, it operates around the country and it is one of Australia’s most awarded super funds. Its core job is to deliver good investment returns to members, but it can also use its scale to help them get good-value insurance cover.
Sunsuper has one of the most comprehensive ranges of insurance offered by any super fund, and one of the overall sharpest-priced offerings, but what makes it stand out is a strong focus on rehabilitation.
Sunsuper and its insurer AIA have taken the view that the real point of total and permanent disability cover is to help fund members to get back to work. To facilitate this, they have a scheme called TPD Assist, through which affected members can receive their TPD payments in up to six instalments over a minimum of five years. Sunsuper is not the only fund shifting towards this feature, but is among the first to champion it.
The fund’s insurances are also flexible as they offer most types and cover members up to age 70 for death, up to 67 for TPD Assist and up to 65 for income protection. Its standard cover insures members for up to $240,000, depending on their age, for about $1 a day.
Sunsuper just pipped Equip, which also has some highly competitive deals.