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Suncorp Life Insurance Review
It may not offer the biggest funeral benefit or overall cover limit, but many will enjoy the ease and flexibility offered by Suncorp Life.
Our Verdict:
- Take advantage of flexibility that allows you to pay for your fully-underwritten policy on a fortnightly, monthly or annual basis.
- What’s more, Suncorp Life is one of just a handful of insurers we could find who offer the chance to suspend your premium for up to three months in some circumstances.
- This brand offers a funeral benefit of $10,000. This might be okay for some, but you can get up to $25,000 with the likes of TAL and Qantas.
Review by our life insurance senior writer James Martin
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$1,500,000
Maximum Cover
65
Maximum Entry Age
$1,500,000
Terminal Illness Benefit
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Details
| Product Name | Suncorp Life Insurance |
|---|---|
| Maximum Cover | $1,500,000 |
| Terminal Illness Benefit | $1,500,000 |
| Funeral Benefit | $10,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
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 Illness Covers
- 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
- 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 final expenses
- Total premiums paid will never exceed the benefit paid
- 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
Some questions you might have about your Suncorp Life Insurance
Who is eligible for Suncorp Life Insurance Policies?
In order to qualify for Suncorp Life policies, you will need to be an Australian or New Zealand citizen or permanent resident residing in Australia when you apply for cover.
Life Insurance Eligibility
- Suncorp Life Insurance is available to people aged from 18 to 65 (inclusive)
- 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 up to $250,000 for Optional Illness Covers and the policy expires when you reach 99 years of age
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.
How do I Make a Claim for Suncorp Life Insurance?
If you need to make a claim on your Suncorp Life Insurance policy, 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.
About the insurer
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.
