Suncorp life insurance review

What policies are available from Suncorp Life?

Life Insurance

• 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

Funeral Insurance

• 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

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

Funeral Insurance

• 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

Name	Product	Maximum Cover	Maximum Entry Age	Terminal Illness Benefit	Claims Acceptance Rate	Average Claim Time	Sum Insured	Apply
NobleOak Life Insurance Finder Award		$25,000,000	74	$25,000,000	96.90%	1.1 months	$24,483 million	Get Quote View details	Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate. ⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.	Compare	loading Fetching your data...
TAL Accelerated Protection Life Insurance Finder AwardBonus		No set limit	73	Not stated	Data not available	1 months	$249,285 million	Get Quote View details	Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older). ⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.	Compare	loading Fetching your data...
Medibank Life Insurance		$2,500,000	70	$2,500,000	Data not available	Data not available	Data not available	Get Quote View details	Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	55	$1,500,000	Data not available	Data not available	Data not available	Get Quote View details	Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.	Compare	loading Fetching your data...
RAC Life Insurance Bonus		$25,000,000	74	$25,000,000	96.90%	1.1 months	$24,483 million	Get Quote View details	Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.	Compare	loading Fetching your data...
Real Family Life Cover Bonus		$1,000,000	64	$1,000,000	88.90%	2.4 months	$53,238 million	Get Quote View details	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout. ⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.	Compare	loading Fetching your data...

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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.

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Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

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Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Frequently asked questions

• Can I get a discount on Suncorp Life Insurance if I hold multiple policies?

  Yes, If you hold another Suncorp insurance policy you can save 5% on your Suncorp Life Insurance. In addition, if you add another adult to your life insurance policy, the youngest person will get a 5% discount.

  Finally, at the time of writing, Suncorp offered a sign-up deal offering 12 months in premiums for the price of 11. You'd need to be able to pay for your whole year's premium in one go to qualify for the saving.

• How do I contact Suncorp Insurance?

  You can contact Suncorp Life Insurance at 13 11 55 or +61 7 3362 1222 when calling from overseas.

• Who will receive the benefit payout when I die?

  You can choose the beneficiary – or beneficiaries – of your policy and amend this if your circumstances ever change.

• Can Suncorp Life Insurance provide cover if I become ill or injured?

  Yes, Suncorp Life insurance offers Optional Illness Cover in the event of a specific injury or illness. Always check the PDS to see what events are covered.

• Will I get a discount on my policy if I have more than one Suncorp branded insurance policy?

  Yes. You can get 5% discount on your Suncorp Life Insurance premium if you hold other Suncorp-branded insurance policies and another 5% discount if one of your immediate family members also holds a Suncorp Life insurance policy.

• Can I increase my Suncorp Life insurance sum insured?

  Yes. As long as you are under 60 years of age and it's following a significant life event, you can increase your level of cover by up to $100,000 or 20% of the Suncorp Life insurance benefit amount 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.