SunSuper Life Insurance Review

Read Here for Our SunSuper Life Insurance Review:

Lower administration and management fees can make a whole lot of difference to your super fund. Sunsuper Superannuation Fund is 100 per cent dedicated to members and doesn’t pay dividends to shareholders. This means they can afford to charge lower fees to members like you, savings that you can add towards your retirement fund.

Who is Sunsuper?

Sunsuper is one of Australia’s largest and multi-awarded super funds with more than 1.4 million members. Its primary purpose is to help you manage your super from the day you become a member through your retirement.

With Sunsuper, you’ll have access to a Super-savings account whilst you are still working and an Income account for when you are getting ready to retire. You can either choose a MySuper-approved product to help you save for your retirement or be more involved in selecting from a variety of investment options.

What are Sunsuper’s Investment Options?

Sunsuper offers three ways to invest your super.

Option 1: Lifecycle Investment Strategy

The Lifecycle Investment Strategy is Sunsuper’s industry recognised default option called MySuper. It is designed for members who want to increase their fund over the long term. It gradually shifts to fixed income, cash and other investments with lower risks as the members that are near 65 years old.

Available only for Super-savings accounts, this option accepts contributions from your employer, as well as rollovers from your other funds and non-concessional contributions. Members who don’t choose how to invest their super will be automatically placed in this option.

Options 2 and 3:  Single asset class options or diversified options

If you’re the hands-on type, you can choose your investment from the diversified options and/or the single asset classes. You can mix and match up to 10 investment options.

What Other Key Features Does Sunsuper Offer?

It gives you access to death and total and permanent disability assist cover. You also have the option to add income protection cover as well as increase or decrease your level of cover.

You can consolidate all your super accounts into your Sunsuper account. This will save you from paying fees on your other accounts.

Also, you can easily access your balance, manage your investments and update your personal information online or via the Sunsuper app. These services are available to you 24/7.

Sunsuper comes with a member rewards program called Dream Rewards. It gives members access to deals and discounts from companies across Australia.

When you transition to an Income Account, you will receive a retirement bonus of up to $4,800 paid directly into your new account.

Does Sunsuper offer insurance options?

Sunsuper Super-savings account members can receive insurance cover in the event of their death or when injured. Eligible members automatically get Death and Total and Permanent Disability (TPD) Assist cover. They have the option to add Income Protection cover and can choose to increase their level of cover.

The cost of your premium depends on your age and gender and will increase with your age over time. Premiums are calculated weekly and deducted from your account every month. You can continue your insurance cover even when you are already retired as long as your Super-savings account has a minimum balance of $1,500.

How Do I Become a Sunsuper Member?

If you are ready to become a Sunsuper member, you can open an account online in just 5 minutes or less. But first, make sure you have your Tax File Number and employer details ready.

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