What is SunSuper income protection insurance?
How does SunSuper Income Protection Work?
The SunSuper income protection plan is very simple and can prove invaluable. Basically, if you fall ill or suffer an accident that stops you from working and earning your salary whilst you are covered by the plan you can start claiming the benefit, which is a portion of your regular income depending on the level of cover that you opted for when you took out the cover. Of course, you will need to check the terms and conditions before you take out the plan and your eligibility to claim will be subject to these terms and conditions. There are a number of other considerations that you need to take into account when you are taking out SunSuper income protection cover. This includes:
- The level of your income you want to protect: You can protect up to a specified percentage of your income so you need to work out how much of your income you actually rely on for essential payments. This way you can ensure that you take out enough cover to enable you to keep up with payments such as bills, paying for food, rent or mortgage, travel, and other necessities
- The waiting period you opt for: There are a number of waiting period options available with SunSuper income protection, which are 30, 60, 90 and 180 days. Whichever of these periods you choose is the amount of time you will wait before you start to receive your benefit following your successful claim and the longer you are able to wait the more affordable your cover will be. However, you need to determine how long you can realistically afford to wait as well as considering how the waiting period affects the cost of the cover
- The cost of the premiums for the protection: You need to make sure that you are able to comfortably keep up with payments on your insurance cover, as otherwise you could invalidate your cover by failing to keep up with premium payments. Make sure that you work out what your maximum budget for your cover is before you make any commitment
The Benefits of Taking Out SunSuper Income Protection
- Having valuable protective cover with a reputable provider
- Having the peace of mind that you will not be left financially high and dry in the event that you cannot earn your wages due to sickness or injury
- Getting a choice of waiting periods so that you can either get your benefit more quickly or you can choose to wait longer and keep your premiums down
- Being able to keep on top of your essential payments so that your whole life is not affected
- Ensuring that you are still getting a monthly income even though you cannot work through illness or injury
- Being able to focus on getting better and getting back on your feet rather than worrying about your finances
With the uncertain climate that many people have already experienced over the past few years, more and more people have come to realise how valuable income protection insurance can be – and with SunSuper income protection you can get a policy that is ideally suited to your needs and offers the protection that you need at an affordable price. For additional cover, you should also consider SunSuper life insurance products if you are thinking of a life cover to protect your family in the event of your death.