Sunsuper has launched a new total and permanent disability (TPD) insurance product which removed waiting periods for the majority or claims.
TPD Assist will launch on July 1, Sunsuper said in a statement, and also focuses on early intervention, vocational rehabilitation and, where possible, helping members return to work.
Once a member is assessed as meeting TPD requirements, they will receive the cover in six equal annual support payments over five years, unless they are able to return to work earlier, at which time the payments would stop.
Sunsuper head of product Wanda Britton said TPD Assist will focus on assisting its members when they need it most, both financially and emotionally.
"At Sunsuper, we believe this is the next generation of TPD," she said.
"Helping our members get back to work by removing waiting periods for the majority of members, and focusing on early intervention, vocational rehabilitation and retraining is what makes this product different from any other TPD product in the market."
Ms Britton added that the long-term sustainability of insurance for all members should be a key focus.
"This new tailored product design also means that most of our members will see an average reduction of 15 per cent in their combined annual Death and TPD Assist premiums," she said.
"Ultimately TPD Assist is a better solution for members because we're delivering better services and providing them with help and support when they need it most, all at a reduced premium."
Salaries for experienced advisers are expected to rise by more than 20 per cent ...
Adviser numbers could drop to as low as 15,000 by the end of 2021 if more practi...
Retail and ethical funds are among the top balanced funds in 2020’s super perf...