Suncorp MyStyle Life Insurance

Combining life insurance and income protection insurance, this policy gives you benefits of both with half the headache along with some added extras.

Suncorp MyStyle Life Insurance streamlines their two most popular types of life insurance, Life Protect and Income Protect, into one package, providing you with all the features of both minus the hassle of having to manage two seperate policies. The MyStyle policies also provides you with exclusive features that aren’t available with Life Protect and Income Protect.

Suncorp MyStyle Life Insurance Policy cover options

The MyStyle Life Insurance policy is all about flexibility which means you are free to choose from a combination of these covers and then select the level of cover to suit your specific needs.

  • Income Protection Cover: This cover is aimed at supporting you financially through regular monthly payments in the event that you are unable to work due to injury or sickness, giving you peace of mind and letting you focus on your recovery. An optional Redundancy Benefit can also be added to your Income Protection Cover.
  • Redundancy Benefit: This optional benefit supports you if you are faced with a non-medical issue that causes you to become unemployed, such as involuntary redundancy, dismissal, insolvency or contract cancellation. As such its useful to both those who are self-employed or those who are employed by an organisation. This benefit is part of the Income Protection Cover policy.
  • Death Benefit: In the event of your death or upon diagnosis of a terminal illness, this policy will ensure your family has the necessary financial security and support to assist them during this tragic time. An exclusive feature of the MyStyle Life Insurance package allows you to choose a cover amount of up to $2 million, rather than the $1 million cap usually imposed by other direct insurers.

Extra benefits of the Suncorp MyStyle Life Insurance Policy

Along with all the features of Suncorp’s Life Protect and Income Protect, if you are covered by MyStyle Life Insurance you also receive added benefits on both your life and income protection policies.

Death Cover

  • Increased maximum cover limits from $50,000 up to $2 million.
  • No limit to the age at which you can claim.
  • A Promise Benefit of $10,000 paid to your nominated beneficiaries or estate if you die to assist with funeral expenses and other costs.
  • No premium increases on your policy until you reach the age of 70, although changes to your health, BMI, occupation or you choosing to utilise the Cover for Inflation benefit may affect your premium.

Income Protection Cover

  • Increased maximum monthly benefit amount which allows you to insure up to 75% of your monthly income from $1,000 to $20,000.
  • More flexibility with payment periods. Choose between a 30 or 90 day non-payment waiting period.
  • A guarantee to renew your policy every year until age 70 regardless of changes to your health.
  • Eligibility for cover even if your not currently employed or working less than 20 hours a week.
  • No premium increases on your policy until you reach the age of 70, although changes to your health, BMI, occupation or you choosing to utilise the Cover for Inflation benefit may affect your premium.

Whose eligible?

Anyone between the ages of 18 - 60 can apply for Suncorp MyStyle Life Insurance, providing you have:

  • received this PDS in Australia
  • hold an Australian or New Zealand citizenship or have permanent residency, and
  • be residing in Australia at the time of applying

Are there any exclusions?

  • Suncorp is not responsible for any accident, death or injury incurred in a country with an alert level of ‘Reconsider your need to travel’ or ‘Do not travel’. The Department of Foreign Affairs and Trade release these warning issues and update them on a regular basis. You will not be paid a benefit in these circumstances.
  • Suncorp MyStyle Life insurance is a single life policy so only one person is able to be covered under it.

Other things to be aware of

  • You have 30 days to check the insurance policy meets your needs. If you decide it isn’t suitable, you have 30 days in which to cancel your policy. You must confirm your identity either in written form or verbally over the phone. You must ensure you don’t make a claim during the cooling off period. You will receive a full refund for any premium you have paid.
  • Even though Suncorp MyStyle Life insurance means you’re the sole owner of the policy, you must nominate up to 5 beneficiaries. Otherwise, when you die, the money will be paid to your estate. Otherwise the benefit will be paid on your Death Cover if you’ve selected this option.

William Eve

Will is a personal finance writer for 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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