How much can I expect to pay?
Life insurance companies maintain a schedule of premium rates with premiums paid on a periodic basis, usually monthly or annually.
The premium you’ll pay as an individual can depend on a range of factors including your gender, age and smoking status. Generally, applicants who are older or who smoke are likely to pay higher life insurance premium rates. Life insurance companies will often allow smokers to re-apply for cover at standard rates once they have stopped smoking for a period of at least 12 months.
If you have pre-existing health issues when you apply for cover, you may need to pay a higher premium rate than normal (known as a ‘premium loading’). The life insurance company may need to charge this loading in order to cover the additional risk.
How do I know I’m getting a good deal?
If you’re in the market for life insurance, you’re probably aware that premium rates can vary between insurers. That’s because there are hundreds of different policies on the market, many of which offer different features, benefits and levels of service.
If you want to be sure that you’re getting a good deal, and the premium rates on offer are competitive, it pays to do a little research. Some policies include features that you’re never likely to need, while others provide valuable benefits that will make a difference when you need it most.
For example, Suncorp Life Protect offers a range of additional benefits, including:
- a $10,000 advance from your life insurance payout to help pay for funeral expenses*
- a Premium Protector Benefit, which will pay 12 months of your Suncorp personal insurance premiums (up to $2,000) if you’re disabled or unable to work for 90 consecutive days*
- the opportunity to suspend your payments for 3 months over the life of your policy if you’re unable to pay your premiums*
- payment of your full life insurance payout in advance if you’re diagnosed with a terminal illness.
* The payment of any benefit under a Suncorp Life Protect policy is subject to the relevant terms that apply to your policy – refer to the PDS for more details. In certain circumstances we may pay a benefit to your estate.