Home Loan Protect - Frequently Asked Questions

Life Insurance cover

How much cover can I take out?

When you apply for Suncorp Home Loan Protect, you can apply for any amount up to the value of the home loan, however, it must be between $50,000 and $1,000,000 in relation to Death and Early Payment Benefits.

If you select the optional Temporary Disability and Redundancy Benefits Suncorp Home Loan Protect can provide a monthly benefit of up to $7,500 per month or 1% of the Death Benefit sum insured, whichever is less. Monthly benefits are payable after the 30 day waiting period for up to 12 months if you become disabled due to sickness or injury and up to 3 months if you become involuntarily unemployed.

I already have Life Insurance cover with my superannuation. Do I need additional life insurance?

It's great that you've started to protect your family's lifestyle. However, you may find your superannuation cover is not sufficient to cover your circumstances. When considering the level of Life Insurance cover that's right for you, it's important to think about how much you would need to cover your home loan.

Who can apply for cover?

Up to 6 people can apply under the one policy for Suncorp Home Loan Protect if they:

  • are applying for a new home loan*, an increase to an existing home loan* or if you have an existing home loan* through Suncorp-Metway;
  • have received the PDS in Australia;
  • are an Australian or New Zealand citizen or permanent resident of Australia; and
  • are aged between 17 and 59 (inclusive)
  • are working at least 20 hours per week averaged over the last 3 months (only applies to Temporary Disability and Redundancy Benefits).

* Eligible home loans may change from time to time. Please contact us to ensure the home loan you have chosen entitles you to apply.

Taking out joint policies

Can my partner and I take out a joint policy?

Subject to the eligibility criteria, a policy may be taken out on your life only or on the lives of up to 5 other people (a joint life policy). A 10% discount is applied for joint life policies.

Joint borrowers are not required to apply for a joint life policy and they may each instead choose to apply for their own single life policy. There is no additional charge for having separate policies, however the 10% discount will not apply.

What happens if I have a joint life policy and a claim is paid out for one of the people covered?

If your Policy Schedule shows there are 2 or more insured borrowers, and we pay a Death Benefit or Early Payment Benefit claim for one of them, all cover under that policy will stop for all insured borrowers under the policy and no further claims will be payable.

If more than one insured borrower is eligible to receive the Temporary Disability and/or Redundancy Benefit at the same time, we will pay for the insured borrower with the highest monthly benefit only. If the monthly benefits for each insured borrower are equal we will pay the benefit with the greatest benefit period only. After payment of a Temporary Disability or Redundancy Benefit cover will continue for the Death Benefit and Early Retirement Benefit.

Getting a quote

What will I need to get a quote?

You can get a quote and apply for Suncorp Home Loan Protect by speaking with one of our Home Lending Specialists, either in a branch or one of our mobile lenders can come to you. Why not book a meeting with a lender now?

Before you can be given a quote you will have to confirm that you have received the Suncorp Home Loan Protect Product Disclosure Statement (PDS) and the Financial Services Guide. Your premium will be based on the following factors: your age, gender, smoking status and the amount you are applying for. Your home lending specialist will be able to assist you with this process.

Will I have to answer any medical questions?

No medical questions are asked and medical documentation is not required when you apply for cover. However, you will not be paid a benefit in the event of death, terminal illness or temporary disablement caused directly or indirectly by any pre-existing medical conditions you have had over the past 5 years prior to the Policy Commencement Date. This is explained further below under "Purchasing a policy".

Do I need any medical tests?

No medical tests are required at time of application. In the event of a claim, a check of medical records will be conducted as part of the claims assessment process.

Do I need to tell you if I have recently given up smoking?

Yes. Non-smoking rates apply once you have not smoked for a continuous period of 12 months or more. If you are currently a smoker and cease smoking permanently just call us on 13 11 55 weekdays from 8am - 6pm and we can update your details.

Purchasing a policy

Are there any grounds for exclusion?

Your cover under this policy is subject to some exclusions. We will not pay any benefit or refund any premiums if the event giving rise to the claim is caused directly or indirectly as a result of:

  • an intentional self-inflicted act within 13 months of the policy commencement date;
  • a war or an act of war, whether or not war has been declared; or
  • any pre-existing condition. This means any sickness, injury, condition or related symptom, for which, in the five years before the policy commencement date:
    • symptoms existed that would cause a reasonable and prudent person to seek diagnosis, care or treatment from a medical practitioner; or
    • medical advice or treatment was recommended by, or received from, a medical practitioner.

This is a brief summary of some of the exclusions which can apply. Please refer to the Suncorp Home Loan Protect Product Disclosure Statement and Policy Document (PDS) for full details of all exclusions.

Am I eligible for cover?

Yes, provided you are:

  • an Australian or New Zealand citizen or permanent resident of Australia aged 17-59 (inclusive);
  • applying for a new home loan*, an increase to an existing home loan* or if you have an existing home loan* through Suncorp-Metway; and
  • have received the PDS in Australia,
  • are working at least 20 hours per week averaged over the last 3 months (only applies to Temporary Disability and Redundancy Benefits).

you are guaranteed cover.

Is there a cooling off period?

You have 21 days from the policy commencement date to check that this insurance meets your needs. This is the 'cooling off period'. If you wish, and provided you have not made a claim, you can cancel your policy during this cooling off period by notifying us in writing. Provided you have not made a claim, we will then refund in full any money you have paid.

How do I pay for the policy?

Your policy premium is paid monthly via direct debit from a bank account or by a credit card you nominate.

Will my premium or cover amounts change over time?

Your premium will generally increase each year with age. We can also change the premium payable for all policies of the same kind at any time therefore you cannot be singled out for an increase. If we do change the premium, you will be charged the new rate from your next policy anniversary. In the event we apply an increase to policies of the same kind, we will provide you with at least 30 days notice of our intention to increase the premium rates.

Can payments be made from more than one account?

No. Your premiums are payable monthly from the bank account or credit card you nominate. Only one bank account or credit card can be nominated for premiums to be deducted.

For joint life policies, the total monthly premium will be deducted from one account. If you wish to pay for each person separately from different accounts, you will need to complete two separate applications. Please note: the 10% joint life policy discount will not apply.

When will payments be deducted from my account?

Your premiums are payable monthly from the financial institution account or credit card you nominate. We will confirm your payment details by way of a letter to you within 5 days of your policy commencing confirming your deduction date and the premium amount.

Will I receive a refund if I cancel the Policy?

If you cancel your policy within the cooling off period, we will refund any premiums paid so long as a claim has not been made under the policy. If you cancel the policy after the cooling off period, no refunds will be paid.

Making a claim

How do I make a claim?

If you are entitled to make a claim, you can contact our Claims Call Centre on 1800 114 172 and we will then send a claim pack that needs to be completed and returned to us.

What's the process for making a claim?

After notifying Suncorp about your claim, we will send a claim form that needs to be completed and returned to us. In addition to the claim form we also require the following information:

Death Benefit:

  • certified copy of the death certificate or other evidence satisfactory to us;
  • certified proof of identity (birth certificate, drivers licence or passport); and
  • if there is no joint policy owner, a certified copy of the Will or Probate will be required.

Early Payment Benefit:

  • certified proof of identity (birth certificate, drivers licence or passport) of the insured borrower.

Temporary Disability Benefit:

  • evidence of employment; and
  • certified proof of identity (birth certificate, drivers licence or passport) of the insured borrower

Redundancy Benefit:

  • proof of registration from Centrelink or equivalent government authority or recognised recruitment or personnel agency; and
  • ongoing regular confirmation of unemployment from Centrelink or equivalent government authority or recognised recruitment or personnel agency; and
  • If you were an employee you must provide:
    • a separation certificate from Centrelink or your immediate past employer; or
  • If you were self-employed you must provide:
    • confirmation from the administrator that the business is ceasing to operate due to actual or imminent insolvency.

Depending upon individual circumstances, additional information may be required by Suncorp.

The information in this communication is current at 25 May 2015 and may be subject to change from time to time without notice. Suncorp Home Loan Protect is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (SLSL) and AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI), who only issues the redundancy benefit. SLSL and AAI are Suncorp Group (Group) entities. The different entities of the Group are not responsible for, or liable in respect of, products and services provided by other Group entities. You should consider the Product Disclosure Statement and Policy Document (PDS) for the Suncorp Home Loan Protect product before making any decisions about whether to acquire this product. The PDS is available at suncorp.com.au/home. Information provided in this communication in relation to Suncorp Home Loan Protect is general advice only. It has been prepared without taking into account your personal financial objectives, situation and needs.

 
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