Sunsuper has launched a new total and permanent disability (TPD) product which will remove waiting periods for most claims and offer annual support payments to people who claim but have not suffered a catastrophic event or long term debilitating disease.
The new insurance product – TPD Assist – will be available from 1 July and has been in development for 18 months with the superannuation fund stating it focussed on early intervention, vocational rehabilitation and helping members return to work.
Sunsuper, Head of Product, Wanda Britton said an indepth study of more than 1000 Sunsuper members who had previously been paid a TPD claim found that 36% returned to work or were actively seeking employment, while 69% wanted assistance in vocational rehabilitation, retraining or up-skilling and 66% wanted help finding a job.
“This really highlights that ‘permanent’ isn’t necessarily forever, and that many of our members who have made a TPD claim want to return to work,” Britton said.
“This really highlights that ‘permanent’ isn’t necessarily forever, and that many of our members who have made a TPD claim want to return to work”
Britton said that with most waiting periods removed members who suffered an injury could begin the claims process on diagnosis of an injury and would receive benefits as well as a referral to a vocational rehabilitation specialist to work with the member, their employer and their treating doctor to support them with a tailored program.
“Once the member is assessed as meeting the definition of being totally and permanently disabled, they will receive their cover in six equal annual support payments over five years – unless they’re able to return to work earlier at which time the payments would stop,” Britton said, adding that in the event a member was unable to ever work again, the TDP Assist product would provide a single lump sum payment instead.
“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,” Britton stated.
The TPD Assist product would also offer reductions in combined annual Death and TPD Assist premiums of around 15% and a reduction of around 30% in the TPD Assist premiums for most members according to Britton.
Outstanding, what more can one say?
Sounds like a great product design that will help to keep premium costs down. Love to see innovation like this. If only the wheel would go full circle and clients were still able to by the Rolls Royce of life insurance, that is, WHOLE OF LIFE once again.
The biggest ripoff i’ve ever seen. Paid over 5 years! Sunsuper have found a way to NOT pay a claim.
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