Stepped premiums

Stepped premiums are one of the two payment options we offer our customers. With stepped premiums, you pay lower amounts to start with and your premiums will generally increase each year as you age.

Your age, gender and sum insured each year the policy renews will be used to work out how much your stepped premiums cost. You can have up to $30,000 of cover with stepped premiums.

Level premiums

The second way of paying for Suncorp Funeral Insurance is through level premiums. These start out higher than stepped premiums would, but do not increase because of your age.

As with stepped premiums, your gender and sum insured is used to work out how much your level premiums will cost, as well as your age when you first take out the policy.

It’s worth noting that although your level premiums will not increase because of age, they may still rise when the sum you have insured increases because of something called the Automatic Indexation Benefit. The Automatic Indexation Benefit means the amount you have insured increases each year in line with inflation (to a maximum of 10%).