Sunsuper, AIA remove claim waiting periods
Sunsuper, together with its group insurer AIA, has launched a new total and permanent disability (TPD) insurance product with no waiting periods for the majority of claims.
TPD Assist will be rolled out on 1 July, Sunsuper said in a statement. TPD Assist 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.
In November last year, Sunsuper announced it would extend its insurance and reinsurance arrangements with AIA beyond July 2016 for another four years.
Sunsuper head of product Wanda Britton said TPD Assist will focus on assisting its members when they need help most, both financially and emotionally.
"At Sunsuper, we believe this is the next generation of TPD," Ms Britton 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."
ANZ makes changes to advice model
ANZ has announced it will stop offering a financial advice service to new custo...
ASIC reveals motivation behind enforcement strategy
The corporate regulator has elaborated on why it has decided to undertake a stra...
YBR announces offloading of advice business
Yellow Brick Road has decided to begin a process of either disposing of, outsour...