Suncorp funeral insurance review
Suncorp funeral insurance lets you choose between $3,000 and $15,000 to cover funeral costs, and there are some loyalty discounts available if you stick with your policy.
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To ensure you don't leave your loved ones with an unwanted financial burden, Suncorp funeral insurance could be a good option. As well as your choice of cover amount, Suncorp also offers incentives including a loyalty discount, guaranteed acceptance and renewal, as well as fast and easy payment to your family.
- In addition to a couple of loyalty discounts, Suncorp offers you the chance for an early payout following your 85th birthday.
- Suncorp doesn't set a maximum expiry age limit. So, your policy will remain active so long as you keep up with your premium. This isn't the case among all the competition.
- You can't add terminal illness cover onto your policy. You can do so with Apia, Medibank, Real Funeral and Seniors Funeral Insurance.
Review by our insurance senior writer James Martin
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What are the features of Suncorp Funeral Insurance?
Features and benefits that Suncorp funeral insurance plan offer include:
- Fast and easy payment: You may think that your family can simply use the payout from your life insurance policy for your funeral and other final expenses, but unfortunately life insurance claims can take some time to be paid out, and funeral costs generally need to be paid immediately. That is why it can be very valuable to give your family the peace of mind of knowing that there are designated funds available just for this purpose, and Suncorp will generally payout within 24 hours.
- Choose your cover amount: The minimum amount you can apply for is $3,000 and the maximum amount is $15,000, in increments of $1,000. Keep in mind that the larger the benefit amount you choose, the more expensive your premiums will be, so you need to balance your current budget, with the amount you want to provide your family to pay for your final expenses.
- Level premiums: Your premiums are level which means they won't increase each year because you get older. However, your premium will increase to reflect any increase to your sum insured, unless you choose to decline it. The cost for the increase in sum insured will be calculated on the rate for your age at the time of the increase.
- Bonus cover: Receive 10% bonus cover after 5 years. Bonus cover is provided at no extra cost, as recognition for your loyalty.
- Premium discount: You'll get 5% off your premiums after 10 years of holding your policy.
- Early payout: Enjoy the option of receiving 120% of your benefit after your 85th birthday.
- Guaranteed acceptance and renewal: You can apply for funeral insurance with Suncorp over the phone, online or by completing the application form, and you don't need to take any medical tests. You must be 45 to 80 years old and an Australian or New Zealand citizen or permanent resident. On the policy anniversary after you turn 85 you can cash in your policy for an immediate payout of 120% of your benefit
- Accident cover and full coverage: During the first 12 months of holding your funeral policy with Suncorp you are covered for accidental death. After the first 12 months, your family will receive a benefit payout for any cause of death. If the policy holder dies as the result of sickness in the first 12 months months, Suncorp will issue a full refund of all premiums paid.
- Choose your premium frequency: You can choose to pay your premiums with Suncorp fortnightly, monthly or yearly, depending on your cash flow and budget.
- Premium pause: Flexibility to help you keep your cover. Please contact us if you are experiencing difficulty maintaining your premium payments to discuss the options we have available to help you keep your policy.
- Worldwide coverage: Suncorp will also make sure you are protected no matter where you are, with your funeral insurance remaining valid 24 hours a day seven days a week, anywhere in the world.
- Cooling-off period: If you want to take some time to consider whether the Suncorp funeral plan is right for your family, you have a 30 days day cooling off period. If you change your mind within this time you can cancel the policy and receive a full refund of any premiums you've paid.
What won't the policy Cover?
Your Suncorp Funeral Insurance policy will not pay a lump sum Funeral Benefit if you die during the first 12 months months after your policy commencement date as a result of:
- An accident that occurred prior to your policy commencement date
- A sickness
- An intentional self-inflicted act
No Early Payment Benefit is offered during the first 12 months following the commencement date of your policy.
Who is eligible for this policy?
To be eligible to apply for a Suncorp Funeral Insurance policy you must:
- Be between 45 and 80 years of age (inclusive);
- Be an Australian or New Zealand citizen or permanent resident and residing in Australia when you apply for cover; and
- Receive the PDS in Australia
You can apply for up to $15,000 cover and your policy is guaranteed renewable for the rest of your life in most circumstances.
Other stuff you might want to know
- Level premiums. Suncorp Funeral Insurance offers level premiums. While stepped premiums start out lower and increase every year as you age, level premiums start out higher but remain the same each year.
- Value Promise. Suncorp Funeral Insurance features a Value Promise for 100% or 70%. The amount your family receives as a payout will depend on the option you select when you take up a policy. Here's a quick guide:
- If you choose the 100% option, your payout will be your cover amount or 100% of premiums paid, whichever is greater.
- If you choose the 70% option, your payout will be your cover amount or 70% of premiums paid, whichever is greater.
- Cooling-off period. A 30 days-day cooling-off period applies to Suncorp Funeral Insurance. This means that you have 30 days days after taking out cover during which you can cancel your policy and still receive a full premium refund.
- Family Discount. Suncorp/Apia offers a 5% discount on each person you choose to cover under your policy.
- Premium payment. Premiums can be paid fortnightly, monthly or annually from your nominated financial institution or credit card.
- Cover stops. Cover under a Suncorp Funeral Insurance policy ends when the first of the following occurs:
- The Funeral Benefit is paid
- The Early Payment Benefit is paid
- You die
- You cancel the policy
- The insurer cancels the policy due to non-payment of premiums
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