Suncorp Bill Protect Insurance

Keep on top of your bills and safeguard your lifestyle if you are sick, injured or made unemployed with Suncorp Bill Protect

Our bills are a financial obligation we can’t escape from. Our everyday living expenses are something we have to be able to meet, from utilities, rent or mortgage, telecommunications, transport, to other bills such as credit cards and insurances.

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But, what if that income stream was to drop significantly or cease all together because you are ill or injured? Suncorp bill protect insurance can help account for this loss by providing an ongoing monthly benefit up to $4,000 in the event you suffer a serious illness or injury.

The policy is easy to apply for and also offers an option redundancy benefit in the event you are made involuntarily unemployed.

How can Suncorp Bill Protect Insurance Benefit You?

Therefore, to protect your family’s stability and financial future, consider how Suncorp’s bill protect insurance can work for you:

  • Avoid using your hard-earned savings and sick leave Of course your savings and your sick leave are there to be used when you need them, but they are not a long term solution. If you become sick or injured and you’re unable to work for an extended period, your sick leave and savings will quickly run out, and you can be facing financial strife again. Plus, you want your sick leave to be there for you when you’ve returned to normal work, but you’re suffering the flu, and your savings are there for holidays and Christmas for the kids, not as a back up plan to pay the bills.
  • Cover up to $4,000 per month of bills You can apply for up to $4,000 a month in bill protection insurance from Suncorp, which can be enough to pay for all of the essentials such as the mortgage, school fees and the utilities. This means you don’t have to rely on your savings, and can instead get something back from your insurance when you really need it.
  • 3 month redundancy benefit Receive a benefit for up to 3 months of $4,000 per month if you are made redundant following the 30 day waiting period.
  • Guaranteed acceptance If you are 18 to 60 years old and you are an Australian citizen or permanent resident, you can apply for Suncorp bill protect insurance over the phone or online, and you are guaranteed to be covered in just minutes. You won’t need to take any medical tests, you’ll simply need to answer a few questions about your age, occupation, height and weight so Suncorp can calculate your premiums.
  • Guaranteed renewal Once your policy is approved, Suncorp guarantees to renew the policy each year until you are 75 years old. This means that even as your health and lifestyle factors change, you remain covered for bill protect insurance.
  • Choose your benefit period The waiting period before you receive your first benefit payment from Suncorp is 30 days. After this point you can choose to receive the benefit for six months, 12 months or 24 months. This decision can be based on how long you think you’ll need the benefit for based on your financial situation, and the premiums you can afford, because a longer benefit period equates to more expensive premiums.
  • Choose your premium frequency You can also choose whether you pay your premiums fortnightly, monthly or annually, so you can fit in this cost with your budget and cash flow.
  • Automatic inflation proofing Suncorp will automatically increase your monthly benefit each year to keep the value in line with inflation. This means that just as you’ve noticed your phone bill, grocery bill and water bill going up each year, you can feel secure knowing that your bill protect insurance benefit is going up too, so you’ll be covered.
  • Premium waiver If you make a claim on your Suncorp bill protect policy, you won’t have to pay any premiums during your benefit period while you recover and return to work.
  • Cooling-off period You’ll have 30 days from the time your application for Suncorp bill protect insurance is approved, to decide whether you want to keep the policy. If you do decide that you want to cancel your policy within those first 30 days, you will receive a refund of all premiums already paid.

The stuff that's not included

The Suncorp Bill Protect Disability Benefit will not be paid if the claim arises due to:

  • An intentional self-inflicted act
  • A pre-existing condition
  • You driving in any race
  • You engaging in any aviation activity other than as a fare paying passenger on a commercial aircraft
  • Any mental disorder or illness
  • You being under the influence of alcohol or drugs, except drugs taken as prescribed by a medical practitioner
  • Pregnancy, miscarriage or childbirth
  • You engaging in any criminal activity
  • You working in an occupation:
  • At heights above 15 metres
  • Underground in the mining industry
  • Where you participate in professional sport
  • With explosives
  • Carrying a firearm
  • Offshore in the oil, gas or petroleum industry
  • Overseas in the armed forces

The Redundancy Benefit will not be paid if the claim arises due to:

  • An intentional self-inflicted act
  • Resignation or voluntary unemployment
  • Misconduct, dishonesty or criminal activities
  • Poor performance
  • Any strike or labour disturbance
  • The end of seasonal employment or a fixed-term contract
  • Pregnancy, miscarriage or childbirth
  • Elective surgery
  • The influence of alcohol or drugs, except drugs taken as prescribed by a medical practitioner
  • The loss or failure to maintain any licence or authorisation needed to run your business

Who is eligible for Suncorp's Bill Protect Insurance?

You can apply for Suncorp Bill Protect Cover if you:

  • Are between 18 and 60 years old (inclusive)
  • Are an Australian or New Zealand citizen or permanent resident and residing in Australia when you apply for cover
  • Receive the PDS in Australia

The policy pays a maximum monthly benefit of $4,000. Cover expires when you reach 75 years of age.

  • If you want to add optional Redundancy Cover to your policy you’ll need to be working at least 20 hours per week in your gainful occupation. Cover under this benefit expires when you turn 65.

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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