Suncorp Home Loan Protect

Protect Your Family Home with Suncorp Mortgage Cover

When you have a family and financial commitments, there are a number of different types of insurance plan that you may start to consider to protect you and your family, such as income protection, life cover, trauma insurance and TPD cover.

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Suncorp Home Loan Protect will provide cover if you are unable to meet your mortgage repayments in the event of a temporary, permanent disability, or death.

What does the policy cover?

Some of the benefits and features of Suncorp home loan protection insurance include:

  • Offering a benefit amount of up to $1 million: A $1 million payout will be enough to cover most mortgages and means that if you die or are diagnosed with a terminal illness, your family can clear their mortgage, remove one of the biggest bills sucking up the monthly budget, and hold onto the family home, where there are so many memories and connections. You can start your mortgage insurance at as little as $50,000 and choose to insure the full value of your mortgage, or just part of it, for more affordable premiums.
  • Ongoing benefit option: Receive an ongoing monthly benefit of up to $7,500 if you can't work due to illness, injury or if you are made involuntarily unemployed.
  • Guaranteed acceptance: Don’t worry about not being eligible to be protected by Suncorp mortgage insurance, because you are guaranteed acceptance when you apply, without the need for any medical tests or blood tests. As long as you are an Australian resident and you are 17 to 59 years old, you can apply at any time over the phone or in branch.
  • Cooling off period: You’ll also have 21 days after the commencement of your policy to consider whether you want to keep the coverage. You can decide whether the Suncorp home loan protection insurance policy is right for you, your budget and your family, and if you change your mind, you have 21 days to cancel the policy, during which you will receive back any premiums you have paid.
  • Guaranteed renewals: Once you are approved for Suncorp home loan protection, your policy is guaranteed to be renewed each year until you are 65 years old. This means that even as your lifestyle, circumstances and health change, your cover is always there for you and your family.
  • Policy discounts: If you insure more than one person on your Suncorp home loan protection policy, you will be eligible for a 10% discount off of your premiums. That means you can protect both you and your spouse, so your family home is secure no matter what happens.
  • Joint policy options: You can insure up to six people under the same Suncorp home loan protection policy, for example if you have bought a property with friends or multiple family members. If you make a claim when one of the policy holders dies or is diagnosed with a terminal illness, the policy ends, as the mortgage will be paid out, and the remaining owners no longer require the insurance.
  • Payment of the balance of the benefit: If the amount remaining on your home loan at the time of a claim is less than the amount of your Suncorp mortgage insurance benefit amount, the mortgage will be paid out, and you or your legal personal representative will be paid the additional amount, to be used for any purpose.
  • Payment of the balance of the loan: If the amount remaining on the loan at the time of a claim is more than the insured amount listed on your policy, Suncorp will pay only the benefit amount. For example, if you have chosen a $200,000 benefit amount, but at the time of a claim your loan balance is still $250,000 the balance will be reduced to $50,000 and the cover will end. This means your family is not still insured for the remainder until your partner dies, instead, you need to make sure you choose a cover amount for which you can afford the premiums, but will also be enough for your family to manage the mortgage when you’re gone.

What things aren't covered?

Your Suncorp Home Loan Protect claim will not be paid if it is a result of:

  • An intentional self-inflicted act
  • War or an act of war
  • Any pre-existing condition
  • You engaging in aviation activities other than as a fare paying passenger on a commercial aircraft
  • The influence of alcohol or drugs (except drugs taken as prescribed by a medical practitioner)
  • Voluntary resignation, retirement or abandonment of employment
  • Misconduct, dishonesty or criminal activities
  • Poor performance as documented by your employer
  • The loss of, or failure to maintain, any licence or permit required to operate your business
  • The end of seasonal work or a fixed-term contract
  • Pregnancy, miscarriage or childbirth
  • Any mental disorder or mental illness
  • Elective surgery
  • Incarceration
  • You working in an occupation that involves:
  • Working at heights above 15 metres
  • Working underground in the mining industry
  • Participating, training for or competeing in professional sport
  • Explosives
  • Carrying a firearm
  • Working offshore in the oil, gas or petroleum industry
  • Working overseas as part of your service in the armed forces

Who is eligible for Suncorp Home Loan Protect?

Suncorp Home Loan Protect Insurance allows up to six borrowers to apply for cover under the one policy. In order to qualify for cover each borrower must:

  • Be applying for a new home loan, an increase to an existing home loan, or have an existing home loan;
  • Be aged between 17 and 59 years (inclusive);
  • Have received the policy PDS in Australia; and
  • Be an Australian or New Zealand citizen or permanent resident of Australia.

Up to $1 million cover is available if you die or are diagnosed terminally ill, and cover expires when you reach the policy anniversary immediately before your 65th birthday.

If you want to apply for the optional Temporary Disability Benefit and Redundancy Benefit, you will also need to be working at least 20 hours per week in your usual occupation in order to qualify for cover.

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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