Suncorp life insurance review
Suncorp doesn't offer the biggest funeral benefit or overall cover limit, but its policies are flexible and premium savings can be found.
- Take advantage of flexibility that allows you to pay for your TAL-backed policy on a fortnightly, monthly or annual basis.
- What’s more, Suncorp Life is one of just a handful of insurers we could find who offer the chance to suspend your premium for up to three months in some circumstances.
- This brand offers a funeral benefit of $10,000. This might be okay for some, but you can get up to $25,000 with the likes of TAL and Qantas.
Review by our life insurance senior writer James Martin
Maximum Entry Age
Terminal Illness Benefit
What policies are available from Suncorp Life?
- Pays a lump sum benefit of up to $1,500,000 if you die or are diagnosed with a terminal illness and up to $250,000 for Optional Severity Based Illness Cover. This can help you to meet medical and out-of-pocket expenses while you're recovering from certain illnesses.
- 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; in fact, it can be used in any way you wish.
- Up to $10,000 Advanced Payout benefit paid quickly to help your loved ones cover immediate expenses such as legal fees
- No medical or blood tests to undergo when you apply for cover
- Apply online or over the phone within minutes
- Fortnightly, monthly or annual premium payment options available
- Cover until you reach 99 years of age provided all policy conditions continue to be met and you continue to pay your premiums when due
- Lifestyle Increase Benefit allows you to increase your level of cover without providing further health information following important life events
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% of your pre-disability income up to a maximum of up to $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
- 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: 6 months, 1, 2 or 5 years
- Up to $15,000 cover for funeral costs and other immediate expenses
- Easy to apply and guaranteed acceptance if aged 45 to 80
- Access your benefit payment early if you are diagnosed with a terminal illness
- Receive an additional 5% discount when you add another adult to the same Funeral Insurance policy
- Approved claims usually paid within 24 hours
Who is eligible for Suncorp Life Insurance Policies?
Life Insurance Eligibility
- Suncorp Life Insurance is available to people aged from 18 to 65.
- 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 $1,500,000 cover and the policy expires when you reach 99 years of age.
- Optional Severity Based Illness Cover: You need to be between 18 and 55 and can apply for up to $250,000 in coverage
- 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
- To be eligible for Suncorp Funeral Insurance you must be between 45 and 80 years of age (inclusive)
- Early payout benefit - cash in your benefit after your 85th birthday for 120% of your average cover amount.
Compare Suncorp with other direct life insurance policies
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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How do I Make a Claim for Suncorp Life Insurance?
You'll need to contact Suncorp Life 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 Life requests as soon as possible and at your own expense. Failure to do so could lead to the refusal or rejection of your claim.
Who underwrites Suncorp's 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 of experience.