Insurance for

New Parents

Our insurance guide looks at ways to protect yourself depending on your circumstances.

Young Singles

Life insurance guide for new parents

Whether you're expecting your first child, adopting, or growing your family even more, the arrival of a new baby brings added financial responsibilities.

Factoring a baby into your budget isn't easy. There are hospital visits, nappies, clothes, and child care to consider. Plus, temporarily living on a reduced income can make this even more testing.

Imagine if you had to live on a reduced income permanently – how would your family cope if you or your partner became terminally ill, disabled or even passed away? What if an accident struck and you were seriously injured? Finances aside, who would look after the kids?

Read our insurance guide below to find out:

  • Which options Suncorp offers to help support your spouse or partner financially – both in the short and long term
  • The cover, benefits and main differences between each of the cover options
  • What any money you receive could be used for

Need to update your existing policy? Call us on 1800 602 178 to make sure you and your new family are covered. 

What types of cover might suit my new family?

You want to make sure your family stays safe and happy, and do what you can to protect the lifestyle that your loved ones are used to, even if the worst should happen.

If you've decided life insurance is the right way to look out for your family financially, it can still seem a bit daunting working out which type of cover is right for you.

Broadly speaking, there are two things you might want to initially consider:

  • The money matters your family will need to keep on top of if something happens to you or your partner which dramatically reduces your income. These could be:
  • Whether you want cover to help provide for your family after you've passed away, or a policy designed for the shorter term  – when injury stops you working, for example

Once you've got a handle on what you might need to cover, use the table below to compare the different types of policies we offer.

Your Suncorp insurance options at a glance

Cover type Why? Benefit More Information
Life Protect Help protect your children’s financial future in the event of your death or diagnosis with terminal illness Up to $1 million lump sum in the event of your death or diagnosis of terminal illness

$10,000 Funeral Advancement Benefit – a $10,000 advance to your partner (or other primary beneficiary) to help with your funeral and other expenses, usually within 24 hours after we receive the claim documents.

Find out moreGet a quote 
Income Protection Help cover your family's everyday expenses for up to two years, if being sick or injured means you are unable to work Monthly benefit – up to 75% of your monthly income (up to $10,000 per month) Find out moreGet a quote 
Bill Protect Help pay your bills and safeguard your family's lifestyle if you’re sick or injured Monthly benefit of up to $4,000 per month Find out moreGet a quote 
Accidental Injury An option that can help ease the burden of having to pay for treatment or time in hospital Lump sum payment of up to $100,000 depending on injury / package chosen. Find out moreGet a quote 

How can each of these policies help protect my partner and children?

If you hold one of the policies above and make a successful claim the benefit will be paid directly to you. You can choose to use that money yourself, or share it with your partner.

In the event you pass away, any death benefit which may be payable under your policy will go to your nominated beneficiary (which could be your partner), or alternatively, your estate.

  • Life Protect

    If you've decided to have a baby, the thought of not being around to watch your child grow is a horrible one. But having cover in place to help provide for your new family if the worst should happen can help you feel more relaxed.

    If you have a Life Protect policy, your family may be eligible to receive a lump sum in the event of your death or if you're diagnosed with a terminal illness.

    The lump sum payable under the policy in the event of your death or diagnosed terminal illness, could go towards:

    • Funeral and other expenses thanks to the Funeral Advancement Benefit of up to $10,000
    • Everyday expenses, like utility bills and grocery shopping
    • Your child's future education
    • Mortgage or rent payments to help keep your loved ones in the family home
    • Keeping the family car running and pay for other travel costs
    • Credit cards or other loans
    • Family entertainment or other luxuries

    Policy terms and conditions including eligibility criteria, waiting periods and exclusions, apply. 13 month exclusion for intentional self-inflicted acts.

  • Income Protection

    If sickness or injury means you can't work, this type of life insurance is designed to pay a monthly benefit to replace your lost income. It can help you stay in control financially until you’re back on your feet, helping keep things as normal as possible for your new little one, and the rest of your family.

    The monthly benefits can cover up to 75% of your income, up to $10,000, and could be used to help with the following common costs:

    • Mortgage or rent payments
    • Everyday expenses like travel and groceries
    • Bills – including utilities, telephone, internet and credit cards
    • Personal loan repayments
    • Childcare or school fees

    All this and more, without having to rely on your partner’s income or your savings alone to help keep your family afloat.

    Policy terms and conditions including eligibility criteria, waiting periods and exclusions, apply.

  • Bill Protect

    Similar to income protection, Bill Protect pays a monthly benefit if you get sick or injured. It gives you the flexibility to choose a benefit amount you want up, to $4,000/month. It’s designed to help you keep up with bills and everyday expenses – such as childcare, if you find you’re unable to look after your little one.

    It can provide a benefit of up to $4,000 a month, which could be the difference between using your savings and being able to go on that family holiday you’ve been planning for. You could use any payments to help:

    • Pay for childcare
    • Prevent you from draining any savings you've worked hard to keep
    • Help stay on top of your living costs and expenses, stopping you worry about losing your home
    • Carry on grocery shopping without worrying about having the money to feed your family
    • Stop bills adding up and becoming unmanageable by helping you meet payments on time

    Policy terms and conditions including eligibility criteria, waiting periods and exclusions, apply.

  • Accidental Injury Insurance

    Accidental injury insurance can be an affordable option that can help ease the burden of paying for the treatment of a serious injury. It can provide a lump sum pay out if you suffer certain serious injuries in an accident, anytime, anywhere. Receive up to $100,000 depending on the package chosen and injury. 

    The pay out for a successful claim could be used to:

    • Help you concentrate on getting better, and focus less on your finances so you could spend more time with your baby, toddler or older child.
    • Help pay for any medical costs or hospital treatments caused by your injury
    • Help cover everyday expenses like petrol, travel costs and groceries
    • Help you keep up with your bills
    • Pay for additional childcare or for someone to help around the house while you're out of action

    Policy terms and conditions including eligibility criteria, waiting periods and exclusions, apply.  Cover for specified injuries only.

Updating existing policies to cover your new family

Are you confident that any existing cover you have, or the life insurance provided by your super, is enough to support your new child if something were to happen to reduce your income?

If you're not sure, use our life insurance calculator to help you work out an estimate of the cover you might need.

If you'd like to speak to someone about updating your cover, call a Suncorp consultant on 1800 602 178.

We can help you find the best way to protect your lifestyle, however you happen to live your life!

To find out more about your insurance options, consider the Product Disclosure Statement for a product before purchase. You can also call us now on 1800 177 549. We can assist you to find the best way to help protect your lifestyle, however you happen to live your life! Applying is easy, it can be done online or over the phone within minutes, plus you don’t have to worry about taking any medical tests.

Unsure what insurance is right for you?
Whatever stage in life you're at, we have the information you need

Information is current as of 01/05/2015. Suncorp Life Protect, Income Protection, Bill Protect and Accidental Injury Insurance products (Suncorp life products) are issued by Suncorp Life & Superannuation Ltd ABN 87 073 979 530, AFSL 229 880 (SLSL) under the Suncorp brand and are distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621 AFSL 229885. Information is general advice only and has not taken into account any person's financial objectives, situation or needs. Consider the relevant Product Disclosure Statement and policy document available at http://www.suncorp.com.au/insurance/legal/pds/download before making any decision to purchase.