As of 2020 Sunsuper has decided to make some potentially life changing amendments to all aspects of their superannuation policies. Already this year they have decreased their account keeping fees and overall costs.
As at 1st of January 2021 further changes will be made towards their growth, retirement and investment strategies.
Our focus is the updates being made to their definition of Total and Permanent Disability (TPD) cover for AIA insured Sunsuper for life corporate plans and Sunsuper for life business plans.
Members that have Total and Permanent Disability cover who experience a life changing accident or illness with no chance of being able to recover may be paid a monetary lump sum amount with no waiting period. Some of the medical conditions that will be covered under Sunsuper’s Total and Permanent Disability insurance cover include Chronic Lung disease and Cardiomyopathy.
Previous to the 1st of October 2020 Sunsuper’s Total and Permanent Disability definition included the clause “Unable to do basic activities associated with work ever again.” This very onerous definition, known as the ADL definition, is almost impossible to satisfy and when superannuation funds apply this definition, a decline is almost inevitable as the requirements to satisfy it are not realistic.
The ADL definition was said to have applied to members who were not employed just before the date of their accident or illness. Simply because members were not employed meant they would be assessed under a much more stringent definition. This clause relates to the fact that members are not able to work again in their industry or occupation for which they are educated, trained or qualified but adding serious requirements related to daily living. The general definition does not take into account activities of daily living.
Sunsuper are wanting to improve and standardise the definition of Total and Permanent Disability (TPD).To achieve this they are removing from their policy “Unable to do basic activities associated with work ever again” to “Unable to do a suited occupation ever again” irrespective of the individuals employment status. This will make it fairer for fee paying members to claim a TPD benefit due to injury or illness regardless of their employment status.
Sunsuper is wanting to move towards a more progressive approach to how they manage their TPD clients by removing the restrictive definitions that have previously been in place for clients who have become disabled.
To provide better clarity there will now only be one definition of TPD. Sunsuper hopes this move helps members better see what they may be entitled too.
Moving forward all members will be assessed upon their relevant qualifications, skills and experience.
Sunsuper has previously made headlines for signing members up to policies where TPD benefits, if approved, are paid by installments over 6 years requiring members to obtain annual medical reports to continue the payments.
Dealing with superfunds and insurance companies can be tricky and legally complex. Total and Permanent Disability claims can often be difficult to navigate on one’s own due to policy changes and onerous requirements and the possibility you have multiple or lost accounts and more than one account with TPD cover.
PK Simpson is here to ease your burden. Our team of professional personal injury lawyers can conduct a Lost Super search on your behalf as well as make investigations with each super fund. Talk to us before contacting your fund so you get the right advice. Specific details are very important in a TPD claim.
We have offices all over Australia. Let one of our friendly solicitors in our Sydney, Melbourne, Brisbane, Darwin or Perth based office locations help you make a claim today so you can be assured that you receive the maximum benefit you are entitled too!
Contact us today to make a TPD claim on 1300 757 467 for a FREE consultation.