Suncorp Life Insurance

Suncorp Life Insurance offers a range of products to help protect your financial future. Protect your loved ones against financial hardship if you pass away or suffer serious illness or injury with death and terminal illness cover, income protection insurance and optional major illness cover.

Published January 21, 2021

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Our viewpoint: Is Suncorp insurance the right choice for you?

Suncorp Life is part of the Suncorp Group, Australia’s fifth-largest listed financial services group. All policies are underwritten by the TAL Dai-ichi Life Australia group which paid out life claims to more than 35,000 Australians and their families in 2020.

They offer life cover, optional illness cover and income protection. Typically, you’ll be able to tailor your life insurance to include additional financial protection with TAL’s Accelerated Life Insurance Protection Plan.

However, it’s important to note that there are various insurers available to Australians, so you might want to compare your options before deciding which company’s products meet your requirements.

About Suncorp

Suncorp is one of Australia’s largest financial services brands. With a long history dating back to 1902, the group offers insurance, banking and wealth products and services in Australia and New Zealand. The company employs over 14 000 people and is based in Brisbane, Queensland.

Suncorp Bank has been named Money magazine’s Bank of the Year and Business Bank of the Year in 2020. It has also proven to be one of the top picks in the world of life insurance, claiming a 2020 Mozo Experts Choice Award for Exceptional Quality Life Insurance.

All Suncorp Life policies are backed by TAL Life Limited, a subsidiary of the Dai-ichi group, the third-largest life insurer in Japan by revenue.

Financial strength

Generally, the independent assessments of rating agencies are a good indicator of an insurance provider’s financial ability to pay out claims.

According to the S&P Global Ratings Agency, Suncorp Group and its core operating subsidiaries have positively rated their financial outlook (January 2020). Meaning the organisation can continue to expect stable earnings even with the Covid pandemic. According to the ratings agency, the Suncorp group has a strong capital position and expects a solid operating performance throughout 2021.

The Australian Prudential Regulation Authority, an independent statutory authority, ensures that life insurance companies manage their financial risks cautiously. This provides added protection for policyholders should an insurer run into difficulties.

Suncorp life insurance policy options

Suncorp Life offers several different insurance options for you to choose from, depending on your requirements. Policies such as term life insurance and income protection cover provide financial support to your family should the worse happen.

Life Insurance

Life insurance ensures that you and your family are safeguarded should you die or get diagnosed with a terminal illness. It allows you to create a safety net with a lump sum payment to your beneficiaries that provides them with financial choices when needed most.

  • Entry age: All Australian residents aged 18 to 65 are eligible to apply.
  • Expiry age: The policy ends when you pass away or on your policy anniversary before turning 100.
  • Minimum cover: up to $10,000
  • Maximum cover: $1.5 million.

Optional Illness Cover

You can protect your family further with the optional illness cover which provides a once-off benefit amount if you’re diagnosed with one of the conditions listed in your PDS. You can use the payment to help cover the costs of your medical procedure and supports your family while you focus on your recovery. However, the amount paid will reduce your total life benefit amount.

There are two Optional Illness Cover options, namely:

Life Protect Major Illness Cover – for critical illnesses such as Cancer, Stroke or Heart Attack.

Life Protect Cancer Cover – for a significant setback due to specific life-threatening diseases like Cancer.

  • Entry age: All Australian residents aged 18 to 55 are eligible to apply.
  • Expiry age: Your policy usually ends following your 65th birthday.
  • Maximum cover: The total value of the Optional Illness Cover/s cannot exceed the Life Protect Plus benefit amount or $250,000, whichever is lower, for each life insured.

Income Protection

Suncorp income protection insurance provides up to 75% of your regular income if you can’t work due to sickness or injury and meet the PDS definition of disables. You can generally choose a waiting period of 14, 28, 60, or 90 days and a benefit period of 6 months, 12 months, 2 or 5 years.

  • Entry age: Between the ages of 18 to 60 years old.
  • Expiry age: Policy anniversary after your 65th birthday.
  • Minimum cover: $1,000 per month for sickness or injury for 6, 12 or 24 or 60 months. This generally depends on your policy, so its best to check your PDS.
  • Maximum cover: $10,000 per month. Up to 75% of your income.

Does the company provide value for money insurance?

Whether Suncorp Insurance will offer you value for money depends on your unique requirements. Generally, it is prudent to pick an insurer with the right cover for a price that fits your circumstances. You might want to request quotes from various leading insurance brands and compare their benefits and features side-by-side, before making a decision.

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

Suncorp life insurance – Pros

There are several benefits when choosing Suncorp as your life insurance company, including:

Suncorp insurance – Cons

What are some of the features offered by the company?

  • Terminal Illness Benefit
    You’ll receive your full death benefit if you are diagnosed with a terminal illness by a registered doctor.
  • Life events feature
    You can increase your Suncorp Life Protect Plus benefit amount following an extraordinary life-changing event, for example, the birth of a child or buying a house.
  • Advance payout
    This quick payout of up to $10,000 can help your beneficiaries with any immediate costs, for example, the legal fees involved with finalising your financial affairs.

Take note: These are some of the general built-in benefits you can expect from a Suncorp life insurance policy. Typically, you’ll be able to add optional services at an additional cost.

How to apply for a Suncorp Superannuation insurance policy

The easiest way to apply for a Suncorp Superannuation insurance policy is to visit their website and click on the Super link. Alternatively, you’ll be able to contact them via phone on 13 11 55. They are open seven days a week. Monday through Friday, their business hours are from 7 am – 9 pm and weekends 8 am – 6 pm.

How to make a Suncorp insurance claim

  • Contact your insurer immediately via phone, their website or send them an email to let them know that you would like to submit a claim.
  • They will then send you the relevant claims documentation with detailed instructions.
  • Complete all documents and return to your insurer.
  • Your insurer will let you know if any additional information to support your claim is required.

Frequently asked questions and answers

  • Is life insurance through Suncorp enough?

    Default life insurance through superannuation may not always meet your needs. More people are underinsured than commonly perceived. You might want to examine how your super’s life insurance compares to taking out a policy through the many options available via a reputable insurer. Suncorp Life Insurance offers flexible levels of cover to reflect the different stages of your life.
  • Is Suncorp Australian owned?

    Suncorp is Australian owned and is the country’s fifth-largest listed financial services group. Its largest shareholder is the Queensland Government. The Group is a Top 50 ASX listed company, with more than 14,000 employees in Australia and New Zealand.
  • How to cancel Suncorp insurance?

    Suncorp offers a 30-day money-back guarantee, giving you time to review your policy and make sure it’s the right one for you. This is commonly referred to as a cooling-off period. You can cancel your policy at any time during the cooling-off period and receive a full refund of any premiums paid as long as you’ve not claimed.
  • Who underwrites Suncorp insurance?

    Suncorp life insurance is backed by TAL Life Limited, one of Australia’s leading life insurance specialists for more than 150 years.

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