Suncorp Life Insurance

Information verified correct on September 23rd, 2016

Compare life insurance policies on offer from Suncorp and get financial protection for you and your family in the event of death, illness, injury or redundancy.

Suncorp offers a range of policies to keep you and your family financially secure in the wake of unexpected events. Whether your looking to cover outstanding debt or ongoing living expenses Suncorp offers Life, Income, Funeral and Accidental Injury cover so those that mean the most to you are not faced with any financial hardship if you pass away or suffer serious illness or injury.

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All Suncorp policies are issued by the Suncorp group and applying is easy and can be taken out online or over the phone with no blood tests or medical exams required. Keep reading to find out what is covered under each policy and whether you are eligible for cover.

What policies are available from Suncorp?

Life Protect Insurance

  • Pays a lump sum benefit of up to $1 million if you die or are diagnosed with a terminal illness
  • The benefit can be used by your loved ones to pay off outstanding debts, cope with the loss of your income and maintain their lifestyle
  • $10,000 Funeral Advancement Benefit paid quickly to help your loved ones cover funeral costs and other immediate expenses
  • No medical or blood tests to undergo when you apply for cover
  • Apply online or over the phone within minutes
  • Large Sum Insured Discount available when you apply for more than $200,000 cover
  • Fortnightly, monthly or annual premium payment options available
  • Cover until you reach 99 years of age
  • Lifestyle Increase Benefit allows you to increase your level of cover without providing further health information following important life events
  • Pause premiums for up to three months while you are experiencing financial hardship

Income Protection Insurance

  • Provides an ongoing benefit to replace your regular income when you are unable to work due to illness or injury
  • Replaces up to 75 per cent of your pre-disability income up to a maximum of $10,000 per month
  • Funds can be used to help you keep up with mortgage or rent, pay regular bills and focus on your recovery
  • Optional cover for involuntary redundancy pays a monthly benefit of up to $4,000 for up to three months
  • Cover available for hundreds of applications
  • Quick and easy to apply for cover - no medical tests required
  • 30-day waiting period
  • Choice of benefit period: one year or two years

MyStyle Life Insurance

  • Combine Death Cover and Income Protection Cover in one policy
  • Up to $2 million lump sum benefit when you die or are diagnosed with a terminal illness
  • No expiry age for Death Cover
  • Level premiums for all policyholders under 70 years of age
  • Nominate up to five beneficiaries
  • Income Protection Cover replaces up to 75 per cent of your monthly income when you are unable to work due to illness or injury
  • Monthly benefits from $1,000 up to $20,000
  • Choose a 30-day or 90-day waiting period
  • Cover guaranteed renewable until your 70th birthday
  • Flexible cover can be tailored to suit your needs
  • Easy to apply online with no medical tests required

Funeral Insurance

  • Up to $30,000 cover for funeral costs and other final expenses
  • Choice of stepped premiums (maximum cover $30,000) or level premiums (maximum cover $15,000)
  • Total premiums paid will never exceed the benefit paid
  • Easy to apply and guaranteed acceptance if aged 45 to 75
  • Free premiums once you turn 85
  • Access your benefit payment early if you are diagnosed with a terminal illness
  • 20 per cent Family Discount when you and a family member take out a joint policy
  • Approved claims usually paid within two days
  • 10 per cent cash back on premiums every three years you are covered

Accidental Death Plan

  • Lump sum payment of up to $500,000 if you die as a result of an accident
  • Quick and easy to apply - guaranteed acceptance and no medical tests
  • Cover up to 80 years of age
  • 10 per cent cash back on premiums every three years you are covered
  • Large Sum Insured Discount available when you apply for more than $200,000 cover
  • Pay your premiums fortnightly, monthly or annually

Accidental Injury Plan

  • Provides a lump sum payment of up to $100,000 if you suffer a serious injury
  • Covers injuries such as loss of limbs or sight, severe burns and fractures
  • Automatic acceptance with no complicated forms or medical tests
  • 24-hour worldwide cover
  • Choice of two packages to suit your budget and cover requirements
  • 10 per cent cash back on premiums every three years you are covered
  • Accidental Death Benefit if you die as a result of your injuries: $30,000 under a Plus Package, $15,000 under a Standard Package

Bill Protect

  • Pays a monthly benefit to cover your bills if you’re sick or injured and unable to work
  • Maximum monthly benefit of $4,000 to pay the mortgage or rent, pay other bills, buy groceries and meet other expenses
  • Choose a benefit period of six, 12 or 24 months
  • Cover expires on your 75th birthday
  • Optional Redundancy Cover pays a monthly benefit of up to $4,000 for a maximum period of three months
  • Easy to apply online or over the phone with no medical tests

Some questions you might have about your Suncorp Insurance

Does Suncorp Life Protect include TPD or Trauma Cover?

No. This policy only pays a lump sum benefit if you die or suffer a terminal illness.

Will I get a discount on my Suncorp Life Protect Insurance if I have more than one insurance policy with Suncorp?

No. There are no multi-policy discounts available with Suncorp Life Insurance, but you will be able to take advantage of a 10 per cent family discount if one of your immediate family members also holds a Suncorp Life Protect policy.

Can I increase my Suncorp Life Protect sum insured?

Yes. As long as you are under 60 years of age, you can increase your level of cover by up to $100,000 each year without having to provide further evidence of your health or lifestyle.

Will Suncorp Income Protection Insurance cover me if I am ill or injured but still capable of working part-time?

No. You will need to be continuously disabled for the 30-day waiting period in order to receive a benefit.

What happens if I become involuntarily unemployed while I am receiving an Income Protection benefit for disability?

Only one benefit can be paid at any one time under the Suncorp Income Protection policy, so the higher of the two benefits you are entitled to will be paid.

What is the Value Promise Guarantee that applies to Suncorp Funeral Insurance?

This guarantee means that you will never pay more in premiums than the benefit amount you receive. When you make a claim, you will be paid the greater of the amount you’ve insured or the amount you’ve paid in premiums

Who is eligible for Suncorp Insurance Policies?

In order to qualify for Suncorp policies, you will need to be an Australian or New Zealand citizen or permanent resident residing in Australia when you apply for cover

Life Protect Eligibility

  • Suncorp Life Protect Insurance is available to people aged from 18 to 60 (inclusive)
  • You will also need to be an Australian or New Zealand citizen or permanent resident residing in Australia when you apply for cover, and receive the PDS in Australia
  • You can apply for up to $1 million cover and the policy expires when you reach 99 years of age

Income Protection

  • To be eligible for Suncorp Income Protection Insurance you will need to be aged between 18 and 60 (inclusive)
  • Be working at least 20 hours per week
  • You can receive a maximum benefit of $10,000 per month and you’re covered up to 65 years of age

MyStyle

  • MyStyle Life Insurance is available to people aged from 18 to 60 (inclusive)
  • You can apply for up to $2 million of Death Cover and a maximum monthly income protection benefit of $20,000, with no age limit on Death Cover and Income Protection Cover expiring when you turn 70

Funeral Insurance

  • To be eligible for Suncorp Funeral Insurance you must be between 45 and 75 years of age (inclusive)
  • Premiums are free after your 85th birthday and you can apply for up to $30,000 cover.

Accidental Death Cover

  • Suncorp Accidental Death Insurance offers up to $500,000 cover to people aged between 18 and 75 (inclusive)
  • Cover stops when you reach your 80th birthday

Accidental Injury

  • Suncorp Accidental Injury Insurance offers a lump sum payment of up to $100,000 and is open to applicants aged from 18 to 75 (inclusive).
  • Cover stops when you reach your 90th birthday.

Bill Protect

  • Suncorp Bill Protect is available to applicants aged between 18 and 60 (inclusive).
  • You can receive a maximum monthly benefit of $4,000 and cover stops when you turn 75.

How do I Make a Claim for Suncorp Insurance?

If you need to make a claim on your Suncorp Insurance policy, you’ll need to contact the insurer as soon as possible to provide notification of your claim. You will then be sent a claims pack which will detail the next steps you need to follow. In addition to filling out and returning a claims form, you will also need to provide evidence to support your claim. The evidence required will vary on the nature of your claim and may include:

  • Details of the injury or illness giving rise to your claim, including a report from your medical practitioner
  • Evidence of your earnings
  • Details of your bills and other ongoing expenses
  • Evidence of the death of the life insured

You must provide any evidence Suncorp requests as soon as possible and at your own expense. Failure to do so could lead to the refusal or rejection of your claim.

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