Take the stress out of your family's hands with Suncorp Funeral Cover
No matter how financially inept you and your loved ones are, unfortunate events often occur at unexpected times and you may be caught financially off-guard. On top of that, funeral expenses often need to be paid for up front. You don’t want your family to be spending their savings on your funeral, when they should be spending them on future holidays, investments or education. With Suncorp funeral insurance, your family can receive a benefit of up to $30,000 when you die, fast access to that money, plus cash back benefits the longer you hold the policy.
Cover is quick to put in place and your premiums will be free of charge when you turn 85. Learn more of the benefits of Suncorp Funeral Insurance in this review.
What are the features of Suncorp Funeral Insurance?
Funeral cover is a protection insurance plan that can provide many benefits to families. No matter how financially inept you and your loved ones are, unfortunate events often occur at unexpected times and you may be caught financially off-guard. On top of that, funeral expenses often need to be paid for up front. You don’t want your family to be spending their savings on your funeral, when they should be spending them on future holidays, investments or education.
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: 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. With that in mind, you can choose a benefit amount between $5,000 and $30,000 with Suncorp funeral insurance.
- Loyalty cash back: Suncorp also likes to reward you for your loyalty, and will pay you 10% cash back on your premiums every three years you hold the policy.
- Guaranteed acceptance and renewal: You can apply quickly and easily 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 18 to 75 years old and an Australian citizen, and you can have up to two people covered under the same policy. Your cover is also guaranteed to be renewed each year until you are 120 years old, so even as your lifestyle and health factors change, your funeral cover will always be there. Plus, when you reach 85 years old, your premiums will drop to a flat rate of $5 per month.
- Accident cover and full coverage: During the first 12 months of holding your funeral policy with Suncorp you are covered for accidental death only. 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 suicide of illness in the first 12 months, Suncorp will issue a full refund of all premiums paid.
- Policy discounts: If you choose a benefit of $20,000 or more, you will be eligible for a discounted premium. You can also insure multiple family members under your Suncorp funeral plan, and be eligible for family discounts.
- Choose your premium frequency: You can choose to pay your premiums with Suncorp fortnightly, monthly or yearly, depending on your cash flow and budget.
- Automatic benefit increases: You can choose to have your benefit amount automatically increase each year, to keep in line with inflation. This helps ensure that however far into the future your family makes a claim, the benefit amount remains relevant and valuable to the costs of a funeral at the time.
- Premium pause: If you are experiencing a particularly tight time with your budget, you don’t have to cancel your policy and lose your benefits. Instead, you can use the premium pause feature of your policy which pauses your premiums for up to three months, and you remain covered for accidental death.
- 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 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 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. If you are diagnosed as being terminally ill before this time, you can still receive funeral insurance cover as long as you continue to pay premiums.
Who is eligible for this policy?
To be eligible to apply for a Suncorp Funeral Insurance policy you must:
- Be between 45 and 75 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 $30,000 cover and your policy is guaranteed renewable for the rest of your life.
Other stuff you might want to know
- Choice of premiums. Suncorp Funeral Insurance offers a choice of stepped or level premiums. Stepped premiums start out lower and increase every year as you age, while level premiums start out higher but remain the same each year. Regardless of the premium option you select, you will not have to pay any premiums after the policy anniversary following your 85th birthday.
- Value Promise. Suncorp Funeral Insurance features a Value Promise, which ensures that your total premiums paid will not exceed the benefit your loved ones receive.
- Cooling-off period. A 30-day cooling-off period applies to Suncorp Funeral Insurance. This means that you have 30 days after taking out cover during which you can cancel your policy and still receive a full premium refund.
- Family Discount. Suncorp offers a 20 per cent discount to immediate family members who each purchase a Suncorp Funeral Insurance policy.
- Large Sum Insured Discount. If you choose the stepped premium option and have a sum insured of $20,000 or more, you can take advantage of a 20 per cent premium discount.
- 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