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The Suncorp group, a giant in the financial services sector. Delivering high-valued banking and insurance products and services across Australia and New Zealand. “Helping people live the life they want now and plan for the life they want tomorrow.”

A very compelling message. But, does Suncorp life truly provide sufficient value for money or do they fall short of expectation?

Suncorp life insurance (Life Protect) is a “Direct” policy sold directly through Suncorp, either online or through bank branches. Asteron life is also owned by the Suncorp Group, in fact, it’s actually more affordable to purchase a “Retail” policy from Asteron than a direct policy from Suncorp.

Our research team reviewed Suncorp life insurance, focusing on the pros and cons of each product and the additional benefits they provide. We found that while they do provide fair value, customers can generally do far better and shouldn’t necessarily settle before comparing their Suncorp policy to other insurers. See example below.

Suncorp life insurance quote

A 45-year-old male, wanting $1,000,000 life cover will pay $72.29 more for a Suncorp life protect policy ($162.10), versus the average Retail policy ($89.81). And this discrepancy only increases as the client becomes older. To access our in-depth research click here.

Suncorp life-insurance comparison

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Suncorp life protect pros and cons

In return for regularly paying your premiums your beneficiaries receive a lump sum payment should you die or be diagnosed with a terminal illness.

All Australian and New Zealand citizens between the ages of 18 to 60 (inclusive) can apply for a Suncorp life protect policy. You are entitled to nominate up to 5 beneficiaries to share in the lump sum pay out of your policy.

Pros Cons
Suncorp life protect provides a lump sum payment from $100,000 reaching up to $1 million should you die or be diagnosed with a terminal illness. This is referred to as your death benefit. They do not provide cover for trauma or total permanent disability (TPD).
Easy-to-obtain cover, either online or over the phone. Premiums are calculated using “standard lives” and may contain exclusions or loadings if your health and lifestyle questions put you outside the standard lives category.
No medical tests are required at application time. Lack of medical requirements at application stage may lead to your claim being declined. If you have a pre-existing medical condition, you may not be eligible for the life protect policy.
If you are under the age of 60, you can also increase your lump sum benefit by $100,000 each year (to a maximum of $1 million) without further evidence of health or lifestyle. This is what Suncorp refers to as their lifestyle increase benefit. Every time you increase your sum insurer a 13-month self-inflicted exclusion will be applied to the increased amount.
You’ll receive a 10% refund on all premiums every 3 years and another 10% discount when an immediate family member takes out a Suncorp life protect policy. There are no multi-policy discounts offered.

You must have at least $200,000 worth of cover to receive the 10% family discount.

Your choice of premium structure: Fortnightly, Monthly or annually. You cannot add your spouse to the policy; it’s a single life policy only.
If you should die due to an accident while your policy is still being processed, Suncorp life will pay your Estate the sum insured you’ve applied for. This excludes death resulting from self-inflicted acts during application assessment.
The higher your sum insured, the larger your policy discount will be. Up to 30% discount is available. Your policy will not pay out if death is due to intentional self-inflicted injury within the first 13 months of your policy commencement date.
Your lump sum payout is generally tax-free. Premiums are usually not tax deductible.

Additional benefits of Suncorp life protect

You’ll receive your full death benefit if you are diagnosed with a terminal illness by a registered doctor. Your cover will stop if a Terminal illness benefit was made.
If you die, Suncorp life will advance $10,000 of your death benefit to your primary nominated beneficiary, usually within 24hours of receiving a valid death certificate and completed claim forms, to assist your family with funeral arrangements.
If you are disabled and unable to work for at least 90 consecutive days due to illness or injury, Suncorp will pay the cost of the personal insurance policies you have with them for 12 months, up to $2,000.
This benefit enables customers who are experiencing financial difficulties to cease paying their premiums for up to 3 months and still receive cover for death by accident.
To help your policy benefit keep up with inflation, Suncorp automatically increases your sum insured each year on the anniversary of your policy.
This option allows you to keep your premiums at their current price. Thus your premiums will not increase as you age. However, to maintain your premium price your sum insured will decrease every year.

Don’t assume such benefits translate into value. While the above benefits might seem impressive, they are pretty standard for a life insurance policy. Make sure you’re getting your money’s worth.

Suncorp Funeral insurance

Suncorp’s funeral insurance policy provides your loved ones with some financial support if you die, helping them pay the costs associated with your funeral. Your Suncorp funeral cover will pay the lump sum benefit you’ve chosen, minimum $5, 000 and maximum $30,000 in the event of your death.

However, only accidental death is covered within the first 12 months of your policy commencing. If you were to die due to an illness within the first 12 months, Suncorp will refund all your premiums, but no claim will be valid.

You have a choice of premium options:

1. Stepped premiums:

Premiums generally start off cheaper but increase as you get older. Maximum sum insured for stepped premiums are $30,000.

2. Level premiums:

Premiums generally start of more expensive but do not increase every year as you get older, making it more affordable in the long-term. Maximum sum insured for level premiums are $15,000.

If you decide to take out a joint funeral policy for you and your spouse, the sum insured amounts can vary, but the premium option must be the same.

A 20% discount will be available for immediate family members who purchase a funeral policy with Suncorp, and another 10% discount is available when choosing the stepped premium option with a sum insured of $20,000 or more.

Suncorp promises that you will never pay more in premiums than what your funeral policy is worth. Unfortunately, only people between the ages of 45 and 75 (inclusive) can apply for this policy and applicants must be permanently residing in either Australia or New Zealand.

Suncorp Income Protection Insurance

Suncorp income protection provides up to 75% of your monthly income, up to $10,000 if you are unable to work due to injury or illness and up to $4,000 if you are involuntarily unemployed (if the Redundancy Benefit is selected).

Take note, adding redundancy cover to you income protection policy will increase the cost of your premiums.

To qualify for Suncorp’s income protection, you must work at least 20 hours per week in your income producing occupation and be an Australian or New Zealand resident. Available at age 18 to 60 (inclusive).

Suncorp income protection pros and cons

ProsCons
Provides you with an income so you can focus on your health and get back to work.You have must be off work for at least 30 days, and be disabled, before the benefit is provided.
No medical tests are required at application stage, making the application process fast and easy.However, when submitting a claim, you must prove evidence of your health, employment and income which may potentially delay the claims process. Similarly, when increasing your cover amount, you must provide additional health and lifestyle information. Therefore, your policy will be fully underwritten at claim time which may lead to delays, and or no benefits being payable if they deem you uninsurable at the time you took out the policy.
If covered by the redundancy benefit you can receive up to 75% of your income (max $4,000).Only available for 3 months at a time (maximum 4 x 3 month separate occurrences) and the benefit has a no claim in the first 6 months after your policy commencement date.
Your choice between either a 1 or 2 year benefit period with a policy expiry of age 65The policy only provides you with a monthly benefit for a max of up to 2 years, what if you are still not able to return to work after that time?
If you suffer the same or related sickness or injury within the 6 months of receiving your benefit, you won’t need to wait another 30 days for the benefit to kick in again.Your disability benefit might be reduced if you receive other insurance for sickness or injury.
The bigger your sum insured, the larger the discount you’ll receive. Up to 30% discount for $10,000.Suncorp will only pay one benefit at a time. If you are eligible to receive both the disability and redundancy benefit, they will only pay the benefit with the highest monthly benefit.
Premiums are usually tax deductible.Income protection benefit is usually taxed.

Additional benefits of Suncorp income protection

To help you maintain your policy even in financially difficult times, you can stop paying premiums for up to 3 months each year. However, no disability or redundancy benefit will be payable during those 3 months.
You won’t have to pay any premiums during the time you are receiving your disability or redundancy benefit.
Suncorp will automatically increase your level of cover, by the greater of the indexation factor or 5%, to keep up with your level of income.

What’s not covered by your income protection policy?

Disability benefit:

  • Occupations where working at heights above 15 meters or underground (i.e. mining).
  • Intentional self-inflicted injury.
  • Injuries or illness caused by the use of drugs or alcohol.
  • The pursuit of dangerous hobbies/activities, including Aviation or aerial pursuit activities, racing, mountaineering, abseiling, or diving depths exceeding 45 meters.
  • Any mental disorders or illnesses.
  • Engaging in criminal activities.
  • Pregnancy, childbirth or miscarriage, unless disability continues for more than 3 months after the pregnancy has ended.

Redundancy benefit:

  • Intentional self-inflicted injury.
  • Under the influence of drugs or alcohol.
  • Resignation or voluntary retirement.
  • Acts of war.
  • Criminal activity, dishonesty or misconduct.
  • Poor work performance.
  • Participating in a strike or labour disturbance.
  • Loss of licence, permit or another form of authorisation required by your occupation.
  • The seasonal nature of your employment, including fixed term contracts.
  • Pregnancy, childbirth or miscarriage.
  • Unemployment due to sickness, injury or elective surgery.

It’s clear from the above information that Suncorp income protect provides some benefits. However, their extensive list of exclusions obscure any pros associated with the product. The above is a clear indication why it’s important that you read Suncorp income protection pds before making a decision.

Suncorp Mystyle Life Insurance

Mystyle life insurance is a new option from Suncorp life and provides you with the opportunity to choose the combination of covers you feel best suits your needs. You are able to combine Suncorp’s life protect and income protection into one package. The Mystyle life insurance option also offers additional features not available to their individual life and income protection policies.

What’s different?

Death cover

  • You can choose a cover amount from $50,000 up to $2 million, rather than the $1 million restrictions of the standard Suncorp life protect policy.
  • Premiums will not go up as a result of age until you turn 70 years old.
  • The policy only expires at your age 99.

Income protection

  • Increased monthly disability benefit up to $20,000.
  • Receive cover up to your 70th
  • Benefit period choices are also different; you can choose 1 year, 5 years or up to your age 70. Your options are dependent on your occupation.
  • Choice of waiting period, 30 or 90 days. The longer your waiting period, the more affordable your premiums.

Serious illness cover

  • Cover from $25,000 up to $350,000 for a listed critical illness condition or upon death.
  • Save 5% when you take out $300,000 or more serious illness cover.
  • 90 day waiting period before you can claim for one of the illnesses listed below.
    • Cancer
    • Severe heart attack
    • Coronary Artery Bypass
    • Stroke
    • Carcinoma in situ of female organs
    • Early stage prostate cancer

*For the full list of serious illnesses covered, please Mystyle life insurance pds.

Suncorp life insurance contact

To contact Suncorp life insurance visit their website, www.suncorp.com.au. Alternatively, contact them via phone on 13 11 55, they are open 7 days a week. During business hours, Monday through Friday from 7 am – 9 pm and weekends 8 am – 6 pm.

Before investing in a Suncorp life insurance policy, we suggest you first compare their benefits and exclusions to similar products offered in the market. Let us help you find better value for money.

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