Suncorp Life Protect

Information verified correct on September 28th, 2016

Receive up to $1 million in cover with Suncorp Life Protect

Suncorp Life Protect provides a benefit payment up to $1 million in the event of your death or terminal illness diagnosis. It comes with a whole range of additional benefits to provide additional support and there is no medical tests to apply with cover being put in place entirely online or over the phone.

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This review will provide an overview of the policies key features, exclusions and eligibility requirements.

What does Suncorp Life Protect cover?

  • $1 million cover. Suncorp Life Protect offers a lump sum benefit of up to $1 million if you die or are diagnosed with a terminal illness. This benefit can be used to help your family meet any ongoing expenses, cope with the loss of your income and maintain their standard of living.
  • Funeral Advance Benefit. A $10,000 advance benefit payment allows your loved ones to gain quick access to the funds needed to pay for your funeral and other immediate costs.
  • Premium Protector Benefit. If you are disabled due to an illness or injury and unable to work for at least 90 consecutive days, Suncorp will cover the cost of your personal Suncorp Insurance policies for the next 12 months (up to a maximum of $2,000).
  • Automatic Indexation Benefit. Your sum insured will automatically increase each year by the greater of the indexation factor and 5 per cent.
  • Interim Accidental Death Cover. Suncorp will provide you with accidental death cover (up to the sum insured you are applying for) while your Life Protect application is being assessed.
  • Loyalty reward. You will receive a 10 per cent refund of all the premiums paid every three years.
  • No medical tests. There are no medical or blood tests to undergo when you apply for cover. The application process usually takes a few minutes and can be completed online, over the phone, or by filling out a paper application form.
  • Choose your premium structure. You can pay your Suncorp Life Protect premiums fortnightly, monthly or annually - whichever option best suits your budget.
  • Discounts available. A Large Sum Insured Discount is available if you apply for more than $200,000 of cover, while a Family Discount is offered when multiple family members purchase a Life Protect policy.

Additional options to consider

  • Premium Freeze Benefit. If you would like your premium amounts to remain the same, you can ask Suncorp not to increase the cost of your premium. However, this means that your level of cover will decrease as you get older.
  • Lifestyle Increase Benefit. In order to ensure that your cover keeps pace with your changing lifestyle, Suncorp allows you to increase your sum insured by $100,000 each year without providing any medical information. Situations when you can increase cover include when you get married, have a child or purchase a home.
  • Premium Pause Benefit. If financial hardship means you are unable to pay your premiums, you can contact Suncorp and ask for your premiums to be paused for up to three months.

Conditions for Benefit Payment

Suncorp Life Protect will pay a Death Benefit of between $100,000 and $1 million if you die while you have cover in place. The lump sum benefit will be paid either to your nominated beneficiaries or your estate.

If you are diagnosed with a terminal illness by a registered doctor while you have cover in place, Suncorp Life Protect will pay a Terminal Illness Benefit of between $100,000 and $1 million - the full amount of your Death Benefit - to help you organise your financial affairs.

The $10,000 Funeral Advancement Benefit is paid if you die and can be used to cover the cost of your funeral and other expenses. It is paid to your primary nominated beneficiary usually within 24 hours of Suncorp receiving your death certificate and completed claim form.

Who is eligible for Suncorp Life insurance?

You can apply for Suncorp Life Protect if you meet the following criteria:

  • You are between 18 and 60 years of age (inclusive)
  • You are an Australian or New Zealand citizen or permanent resident and residing in Australia when you apply
  • You receive the PDS in Australia

Premiums automatically increase as you age (unless you select the Premium Freeze option) and cover continues until you turn 99 years old.

Exclusions to be aware of

Your Suncorp Life Insurance claim will not be paid if:

  • You have reached your 99th birthday
  • Your policy has been cancelled because you failed to pay your premiums
  • The event giving rise to the claim is the result of an intentional self-inflicted act within 13 months of cover being commenced, being increased of being reinstated

More policy details to be aware of

  • Cash back. To reward you for your loyalty, Suncorp offers 10 per cent cash back on your total premiums every three years.
  • No Trauma or TPD Cover. Suncorp Life Protect covers you for death or terminal illness only, not for trauma or total and permanent disablement. If you want cover for these risks you may wish to consider a Suncorp Accidental Injury Plan and Suncorp Income Protection.
  • Worldwide cover. Suncorp Life Protect offers cover 24 hours a day, seven days a week and protects you anywhere in the world.
  • Claims. When you need to make a claim, you or your beneficiary can phone Suncorp on 1800 604 689 to discuss the claim. Suncorp will then send you out a claims pack which you will need to complete and return to the insurer.
  • Health and lifestyle questions. Applying for Suncorp Life Protect involves answering some simple health and lifestyle questions. If your answers to these questions put you outside the “standard lives” category - that is, if you’re deemed to be a higher risk applicant - your premiums will increase.
  • Guaranteed renewable. Once your application has been accepted, Suncorp guarantees to renew your Life Protect cover every year until your 99th birthday.
  • Cooling-off period. Once your cover application has been accepted, you have 30 days to decide whether Suncorp Life Protect is right for you. If you decide to cancel your policy during this 30-day cooling-off period, you will receive a full refund of any premiums paid.
  • Nominating beneficiaries. You can nominate up to five beneficiaries to receive a benefit under your Suncorp Life Protect policy.
  • Cover ends. Cover under the policy ceases when you reach your 99th birthday. It will also cease when any of the following occurs:
  • You cancel the policy
  • Suncorp cancels the policy because you fail to pay your premiums
  • The expiry date detailed on your policy schedule occurs
  • The Terminal Illness Benefit is paid
  • You death benefit is paid
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