Suncorp Life Insurance Review

Published: January 18, 2018

If you’re looking for the best way to erase concerns about your family’s financial future, then comparing life insurance policies is a great place to start.

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Suncorp Life Insurance is one of Australia’s leading life insurance companies and forms part of the trusted financial services provider, Suncorp Group Limited. By reviewing Suncorp Life Protect Products you can choose between life cover, income protection, accidental cover and MyStyle products.

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About Suncorp Life Insurance in Australia

Suncorp Life prides itself on making insurance easy for customers, taking ownership of problems and finding solutions. An example of their approach can be seen by the reward system they have in place; when you’ve had your policy for 3 or more consecutive years, the life insurance company will reward you by giving 10% of your total premiums back every three years. 

Suncorp life insurance products include:

  • Suncorp Life Protect: An affordable, easy-to-access financial safety net that will pay out a lump sum of up to $1,000,000 if you pass away or are diagnosed with a terminal illness.
  • Suncorp Income Protection: A benefit that protects your finances for up to two years, by replacing up to 75% of your income when you are unable to work due to illness or injury.
  • Accidental Death Plan: Pays a lump sum if you die due an accident only.
  • Accidental Injury Plan: A simple, affordable means of protecting yourself against the financial costs incurred if you are disabled due to an accident.
  • Suncorp MyStyle Life Insurance: A combination of Death Cover and Income Protection Cover.

If you’re seriously considering life insurance with this insurer then carefully read through the Suncorp Life Insurance PDS to ensure it truly offers the best cover for your current situation and budget.

Suncorp Life Protect Insurance

Available to Australian and New Zealanders between the ages of 18 and 60 (inclusive). This policy is referred to as a single life policy, expiring when you reach 99 years of age.

Suncorp Life Protect insurance is designed to relieve the financial burden placed on your loved ones by paying a lump sum when you pass away or get diagnosed with a terminal illness.

Your level of cover depends on how much you think your loved ones might need. With Suncorp Life, you can apply for up to $1 million worth of cover without any medical tests.

Take note: Suncorp Life Insurance does not provide cover for trauma or total permanent disablement (TPD). Also, it is a single life policy, meaning you cannot add your spouse to the policy.

Death benefit

  • 24/7 worldwide coverage. Your beneficiaries or the Estate will be paid a lump sum when you die.

Terminal illness benefit

  • If a registered doctor diagnoses you with a terminal illness, the insurer will help you consolidate your finances by advancing your full Death Benefit.

Funeral advancement benefit

  • Your primary beneficiary will receive an advance of up to $10,000 within 24 hours on receipt of a valid death certificate and completed claim forms. This amount will be deducted from your total Death Benefit and can be used to pay for your funeral expenses.

Premium protector benefit

  • The cost of your personal Suncorp insurance policies will be covered for 12 months if sickness, injury or disability prevents you from working for 90 consecutive days.

Lifestyle increase benefit

  • If you are under the age of 60 and your financial circumstances have changed e.g. you got married, purchased a home, had a baby etc. then you can increase your amount by $100,000 annually. However, this must be done within 30 days of your policy anniversary following the specified event.

Premium freeze benefit

  • You have the option of keeping your premiums at their current price. However, to maintain your premium price your sum insured will decrease every year.

Exclusions

  • No claim will be paid if death is due to an intentional self-inflicted act or suicide within 13 months of your policy commencement date or reinstatement, or during cover increase (only for the increased amount).

Suncorp Income Protection Insurance

Income Protection cover pays you a monthly benefit for a maximum of up to 2 years when you are unable to work due to sickness or injury. However, there is a 30-day waiting period before the benefit will be paid out. No benefit will be paid until you have been off work for a minimum of 30 days.

When you apply for Income Protection, the amount you will get is based on 75% of your taxable earnings; up to $10,000 for the disability benefit or $4,000 for the redundancy benefit.

You are eligible to apply for Suncorp Income Protection if you are:

  • Between 18 and 60 (inclusive).
  • An Australian or New Zealand citizen or permanently residing in Australia at the time of application.
  • Working at least 20 hours a week (averaged over the last 3 consecutive months).

Redundancy benefit

  • If you are involuntarily unemployed, the monthly redundancy benefit will kick in by paying 75% of your income (up to $4,000). Eligibility to claim starts 6 months after your policy commencement date.
  • Similar to the death benefit, there is a 30-day waiting period, which starts when you have become involuntarily unemployed and are actively seeking new employment.
  • This benefit can be added for an additional fee, meaning adding redundancy cover to your income protection policy will increase the cost of your premiums.

Premium pause benefit

  • This allows you to pause your premium payments for up to 3 months each year that you hold your policy. Your policy will continue during this time but no cover will be provided for the disability or redundancy benefits. You need to physically activate this benefit by contacting Suncorp.

Waiver of claim benefit

  • You will not have to pay your income protection premiums whilst receiving your disability or involuntary redundancy claim benefit.

Automatic indexation benefit

  • Your benefit will automatically increase by 5% annually to keep up with inflation. Take note, your premiums will also increase slightly, but you can contact the insurer to remove this benefit if you want your policy to stay at its current affordability.

Exclusions

A Suncorp income protection policy will not be valid if injury or illness is due to:

  • Any intentional self-inflicted act.
  • Working in an occupation that requires you to work at heights of above 15 metres.
  • Working underground in a mine.
  • Attempting to engage in an aerial pursuit, riding or driving in a vehicle race, extreme sports, diving to a depth of 45 metres.
  • Driving under the influence of alcohol.
  • Any mental illness or disorder.

Take note: You will only receive one benefit at a time. If you are eligible to receive both the disability and redundancy benefit, the insurer will only pay the benefit with the highest monthly benefit.

For a complete list of Suncorp Life benefits and exclusions please read their product disclosure statement (PDS).

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Accidental Injury and Accidental Death plan

If due to an accident, you are faced with the loss of sight or limbs, 2nd and 3rd-degree burns and fractures, you are eligible to receive a lump sum of up to $100,000 from Suncorp’s Accidental Injury Plan. This cover helps alleviate that looming financial burden that generally follows in the wake of severe trauma. No complicated forms or medical tests are required.

In the event of your death resulting from your injuries, the Accidental Death Benefit will take over. Your beneficiaries will be paid $30 000 if you had a Plus Package and $15,000 for a Standard Package.

The Accidental Death Plan is available to Australian or New Zealand citizens or permanent residents, aged between 18 and 75 (inclusive), residing in Australia at the time of application.

What is Suncorp MyStyle Life Insurance?

Suncorp MyStyle is a Suncorp insurance option that has been designed to give you the freedom of choosing your own unique insurance package. You are able to combine life protect and income protection into one package. Various additional features are available in a MyStyle life insurance policy, which is not available to Suncorp’s individual life and income protection policies.

MyStyle provides you with the benefit of choosing a higher level of Death Cover, up to $2 million and your premiums will not go up until your 70th birthday. Cover expires at age 99.

  • Multi cover discount: You’ll be eligible for 5% off your premium each year you continue to hold your policy if you take out 2 covers of income protection, death and/or serious illness.
  • Multi-life discount: A 5% discount if you apply for a MyStyle Life Insurance policy as a joint policy.

Who can apply?

You must be between 18 and 60 years old and an Australian or New Zealand citizen, or you should at least have a permanent residency at the time of applying.

Should you require a detailed list of benefits and exclusions, please consults the MyStyle PDS.

Death Cover

Your family will be paid a lump sum of between $50,000 to $2,000,000 when you die. The benefit is to help eliminate debt and provide financial stability to your loved ones.

In the event of you becoming terminally ill, the full death cover will also be paid out. This is referred to as early payment.

Discount: Up to 17.5% on your premiums for a cover amount exceeding $ 1.5 million.

Income protection cover

A monthly benefit of up to $20,000  with your choice of:

  • benefit period (1 year, 5 years or up to your age 70) and,
  • waiting period (30 or 90 days).

Discount: Up to 17.5% on your premiums for a monthly cover amount exceeding $17,500.

Serious illness cover

Pays a lump sum, from $25,000 up to $350,000,  if you become ill from one of the listed illness in the MyStyle PDS. This cover will end on your 70th birthday.

You’ll either receive a full payment or a partial payment depending on the type of illness you are diagnosed with. Some of the illness covered include:

  • Cancer
  • Severe heart attack
  • Stroke
  • Coronary Artery Bypass
  • Carcinoma in situ of female organs
  • Early stage prostate cancer
  • Motor Neurone Disease
  • Muscular Dystrophy
  • Parkinson’s Disease
  • Alzheimer’s Disease
  • Major Organ Failure
  • Multiple Sclerosis

Discount: Up to 5% on your premiums for a cover amount exceeding $300,000.

Kids Cover

This optional cover provides a once-off lump sum of $25,000 if your child becomes injured or ill.

Kids Cover can be taken out in conjunction with any of the other Suncorp MyStyle Life Insurance product. There is no limit on how many children you want to be covered, as long as they are between 2 and 17 years old.

You are eligible to claim if your insured child is diagnosed by a registered medical practitioner as having an illness or injury as listed in the MyStyle life insurance PDS.

Some examples include:

  • Blindness,
  • Brain damage,
  • Paralysis,
  • Single loss of limb,
  • Single loss of an eye, etc.

In the event of an arm, leg or skull fracture, a lump sum of $500 will be paid for each fracture. However, multiple fractures of the same bone will only receive one payment of $500.           

Frequently asked questions and answers

How do I make a Suncorp Life Insurance claim?

To lodge a Suncorp life insurance claim simply contact the insurer via phone or email and notify them of your claim. They will then send you a claims package with step-by-step instructions. Completed claim forms, as well as evidence to support your claim, will have to be provided as soon as possible. This generally includes a valid death and birth certificate, when claiming a death benefit, and proof of income when claiming Suncorp income protection. They might also require additional documentation, such as medical reports.

How can I get a Suncorp Life Insurance quote?

Getting a Suncorp Life Insurance quote is fast and easy when using our revolutionary comparison tool. Simply fill in the quote form above and you will be directed to price on-screen, where you can add additional cover options and apply at you own convenience.

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