Suncorp Income Protection Insurance Review
A fully-underwritten policies from Suncorp Income Protection Insurance can offer plenty of peace of mind, but Suncorp's cover limits aren't the highest around.
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- It's easy to get a quote online and you typically won't have to complete a medical or any blood tests. Also, you'll struggle to find lower waiting periods than the 14 days offered by Suncorp for some covers.
- Both new and existing customers can take advantage of a sign up offer with this brand.
- The most you can be insured for, up to 75% of your monthly earnings, is $10,000 per month. This might be okay for most needs, but HBF, Qantas, NobleOak and Aspect all offer higher limits.
Review by our life insurance senior writer James Martin
June 2021 offers from Suncorp Income Protection
Receive a quote for Suncorp Income Protection Insurance
This review will outline the key benefits of the policy and eligibility requirements.
What does Suncorp Income Protect Plus cover?
- Out-of-action Benefit. If you can't work because you are sick or injured, Suncorp Income Protection Insurance provides an ongoing monthly benefit to replace up to 75% of your income. The maximum monthly benefit amount payable is $10,000.
- Easy to apply. There are no medical or blood tests to complete when you apply for cover.
- Choice of benefit periods. You can choose to receive an Out-of-action Benefit for a period of 6 months, 12, 24 months or 5 years.
- Waiting period. Suncorp Income Protection Insurance includes a waiting period of 14, 28, 60 or 90 days as standard. You will need to be disabled for at least 14 continuous days before your policy will pay a benefit.
- Recurring disability. If you suffer the same or a related sickness injury within six months of last receiving a monthly Out-of-action Benefit, this will be treated as recurring disablement and you will not have to re-serve the waiting period. However, any benefit payments will be added to the remaining benefit period on your policy.
- Waiver of Premium Benefit. If you are receiving a monthly benefit for disability or accident, you will not have to pay any policy premiums for up to 3 months during the benefit period.
- Indexation. In order to ensure that your level of cover remains in line with your income, Suncorp increases your monthly benefit by the increase in the consumer price index. This increase will be reflected in the cost of premiums and you have the option to decline any increase if you wish.
- Pre-existing condition cover. Access cover for pre-existing medical and mental health related conditions. You will have to satisfy Suncorp's health and lifestyle criteria, and you will be assessed on a case-by-case basis by Suncorp.
- Returning to Work Benefit. This benefit is being introduced and will be available to policies with 2 and 5-year Benefit Periods. It is intended to provide enhanced benefits to assist claimants return to good health and former lifestyles as quickly as possible to focus on health and wellness.
Are there any additional benefit options available?
Yes! In addition to the included benefits of Suncorp income protection, you can also apply for the Accident Benefit option. This benefit allows you to:
- Backdate benefit payments to the start of your 14- or 30-day waiting period in the event of an accidental injury leading to a claim.
- This is a handy option that means you won't have forego 14 or 30 days worth of benefits if you are injured in an accident.
- This option is not available for cover with 60 or 90 waiting periods.
Please keep in mind that this option is not included with the in-built cost of your premium and will make premiums more expensive if you choose to include it.
Who can apply for Suncorp income protection ?
You are eligible to apply for Suncorp Income Protection Insurance if you:
- Are aged between 18 and 60 (inclusive)
- Are an Australian or New Zealand citizen or permanent resident
- Are residing in Australia when you apply for cover
- Are working at least 20 hours per week
- Receive the Suncorp Income Protection PDS in Australia.
How much will it cost?
The cost of your Suncorp Income Protection Insurance premiums is influenced by a range of factors, including:
- Your monthly benefit. The higher the amount of income you insure, the more your premiums will be.
- Any additional options. Adding Accident Cover to your Income Protection policy will increase the cost of premiums.
- Your age. The older you are, the more your premiums will cost.
- Your gender. It generally costs more for men to purchase income protection cover than it does for women.
- Your smoking status. Smokers expose themselves to myriad health risks – this fact will be reflected by higher premiums.
- The benefit period. You can choose a benefit period of 6 months, 1, 2 or 5 years with Suncorp Income Protection Insurance – the longer the benefit period, the more cover will cost.
- Your occupation. Blue-collar jobs are more hazardous than white-collar occupations and therefore cost more to insure.
How to claim your income protection with Suncorp
If you need to make a claim on your Suncorp Income Protection policy, you or your legal representative must phone Suncorp as soon as possible after the event giving rise to the claim. Suncorp will then send out a claim pack which you must complete and return to them as quickly as possible. You'll also need to supply documentation to support your claim.
For a disability claim, you must supply:
- An initial claim form. This must be completed by you and your medical practitioner, and include proof of the event or condition.
- Details if any hazardous activities you engage in.
- Payslips or a statement from your employer to confirm your work hours and the terms of your employment.
For an accident claim, you must supply:
- An initial claim form. This must be completed by you and provide details of your involuntary unemployment.
- Proof of unemployment, for example a letter of accident or letter of termination of contract.
- Proof that you are actively seeking employment, for example registration with Centrelink.
- If you were self-employed, proof that your business ceased to operate due to actual insolvency, OR a letter from your accountant outlining the date and reason your business ceased to
Both disability and accident claims will also require you to provide:
- Proof of your identity and age
- Proof of your employment details
- Any financial statements the insurer requires to assess your claim
For every month that you are can't work, you will need to complete a progress claim form to Suncorp. You may be required to have this signed by your medical practitioner to verify your ongoing illness or injury. This allows Suncorp to verify that you are still eligible to keep receiving monthly benefits.
When will a benefit not be paid?
Your Suncorp Income Protection Insurance disability claim will not be paid if the sickness or injury is caused by:
- Any intentional self-inflicted act
- Attempted suicide
- You working in an occupation at heights above 15 metres or underground in the mining industry
- You engaging in aviation activities other than as a fare paying passenger on a commercial flight
- You riding or driving in any race, speed or reliability trial
- You engage in mountaineering, rock climbing, abseiling or canyoning
- The use of drugs, other than drugs taken as prescribed by a medical practitioner
- Being under the influence of alcohol and driving with a blood alcohol level above the legal limit
- Pregnancy, miscarriage or childbirth (unless the disability continues for more than three months from the later of the date the pregnancy finishes and the disablement begins)
- You engaging in any criminal activity
In addition, no benefit will be paid if you were notified of impending involuntary unemployment prior to cover starting, or if your employer made a public announcement about the intention to lay off staff before cover commenced.
Other things you might want to know
- No medical tests. There are no medical or blood tests to take when you apply for cover. Online application takes a few minutes and you will have to answer a few simple health questions.
- Guaranteed renewable. Once your application for Suncorp Income Protection Insurance has been accepted, your policy is guaranteed renewable each year until you reach 65 years of age.
- Insurer. TAL Life Limited is the insurer of the Disability Benefit and Accident Benefit.
- Waiting period. You will need to serve a 14, 28, 60 or 90-day waiting period before you can start receiving a benefit.
- Changes to cover. You have the ability to change your occupation or increase or decrease your level of cover. When you apply to increase your benefit amount, you will be required to provide additional health and lifestyle information to the insurer.
- Cooling-off period. You have 30 days from the date cover commences under this policy to decide whether it is right for you. If you decide to cancel your policy during the cooling-off period, you will receive a full refund of any premiums paid.
- Monthly income. The monthly income you can insure under a Suncorp Income Protection policy refers to your total remuneration package. This includes your salary, wages, reportable fringe benefits, regular commissions, regular bonuses, overtime payments and superannuation contributions.
- Maximum benefit. The maximum benefit payable under a Suncorp Income Protection policy is $10,000 per month for a Disability Benefit.
- Premium payments. Suncorp Income Protection Insurance premiums can be paid fortnightly, monthly or annually from your nominated bank account or credit card.
When does cover end?
Suncorp Income Protection cover ends when the first of the following occurs:
- You turn 65
- You cancel the policy
- You fail to pay your premiums and the insurer cancels your policy
- You retire
- You die
Applying for Income Protect Plus with Suncorp
You can complete an online application or speak to Suncorp's consultants to apply for income protection policy. There is a 30-day cooling-off period starting from the commencement date of your policy, allowing you to assess whether or not Suncorp income protection fulfils your protection needs. If you choose to cancel within the cooling-off period, all the premiums paid will be refundable.
If you are looking for a protective insurance that provides you coverage at the time of illness or injury and inability to work, you may want to consider Suncorp income protection cover. It is a cover that is easy to understand and affordable, without sacrificing the quality of protection, allowing a greater peace of mind for you and your family.
About the insurer
Suncorp Life Insurance products are provided by TAL Life Limited, which is part of the TAL Dai-ichi Life Australia Pty Limited group of companies (TAL). TAL companies are not part of the Suncorp Group, and use the AAMI brand under license. TAL is one of Australia's leading life insurers with over 150 years experience. Information is current as of 21 September, 2020 and may be subject to change from time to time without notice.
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