Suncorp

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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December 2021 offers from Suncorp Income Protection

Deal

Save 5% on Suncorp Income Protection for existing customers

Get a 5% discount if you have a car or home insurance policy with Suncorp. T&Cs apply.
Deal

Access savings of up to 15% from major retailers

Get access to Suncorp Benefits when you sign up to an eligible policy, and save up to 15% on gift cards from retailers like Woolworths and Myer. T&Cs apply.

Receive a quote for Suncorp Income Protection Insurance

Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period Options
Suncorp Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.
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This review will outline the key benefits of the policy and eligibility requirements for Suncorp Income Protection. If you're 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's both easy to understand and affordable, without sacrificing the quality of protection, allowing a greater peace of mind for you and your family.

Suncorp Income Protection: Our verdict

  • 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.

Read a more detailed review on:

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Suncorp Income Protection

Key points of Suncorp Income Protection

Suncorp Income Protection offers a number of policy features, including as follows:

  • Monthly benefits of up to $10,000. If you can't work because you are sick or injured, Suncorp Income Protection Insurance provides an ongoing monthly payment to replace up to 75% of your income.
  • Choice of benefit periods. You can choose to receive an Out-of-action Benefit for a period of 6 months, 1, 2 or 5 years.
  • Recurring disability. If you suffer the same or a related sickness or injury within six months of receiving a monthly benefit, this could be treated as a 'recurring disablement', meaning you wouldn't have to re-serve the waiting period.
  • 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. To ensure 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

Note: It's a good idea to check Suncorp's Product Disclosure Statement (PDS), on its website, for full terms and conditions in regards to benefits and exclusions.

illness icon

Accident Benefit option

Key points of Accident Benefit option

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 worth of benefits if you are injured in an accident.
  • Note: 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.

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Applying for cover

Key points of applying for cover

With Suncorp:

  • You'll need to be aged between 18 and 60 (inclusive).
  • You must work at least 20 per week
  • There are no medical or blood tests to take when you apply for cover.
  • An online application takes a few minutes and you will have to answer a few simple health questions.
  • Upon acceptance, you'll need to serve a 14, 28, 60 or 90 days waiting period before you can start receiving a benefit.
  • There's a 30 day cooling-off period from the date your cover starts; you won't be out of pocket if you change your mind.

More about Suncorp Life Insurance

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.

Your questions about Suncorp Income Protection, answered

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