As I get older, will my cover and my premiums increase?

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Will my premiums for my Life Cover increase?

Unfortunately, premium rates are not guaranteed and the cost of providing Life Insurance does increase as you get older. This means your premiums generally increase over time.

Adding another person to your policy or increasing your cover amount will also cause your premiums to go up. If you choose Suncorp Life Inflation Protection option, your cover amount will grow over time, helping to protecti the value of your payout against inflation. This means your premiums also rise slightly from year to year in line with your increased benefit amount.

If anything does change with your premium, Suncorp Life will give you at least 30 days’ written notice. You will never be singled out for a premium increase and Suncorp Lifecannot change your premium if your health changes.

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Products and services including banking, superannuation and insurance are provided by different entities of the Suncorp Group. Suncorp Bank (Suncorp-Metway Ltd ABN 66 010 831 722) is only liable for the banking products or services it provides and not the products and services of other companies in the Suncorp Group.

Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.

This content is current for Car, Motorcycle, Motorhome, Caravan & Trailer, Boat, Home & Contents, Landlord and Strata Insurance policies with a start or renewal date on or after 25 March 2021.

GENERAL INSURANCE
General Insurance (including Home Building, Home Contents, Landlord, Strata, Car, CTP, Motorcycle, Caravan, Motorhome, Boat Insurance, Business Insurance and Barristers Insurance) is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance.

SUNCORP HEALTH INSURANCE
Suncorp Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib), a registered private health insurer, and is marketed by Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC), a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib. Read the policy booklet before buying this insurance.

SUNCORP LIFE INSURANCE
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies are not part of the Suncorp Group. TAL companies use the Suncorp brand under licence from the Suncorp Group. Redundancy Benefit issued on or before 31st March 2020 was offered by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 are issued by TAL Life. The different entities of TAL and the Suncorp Group of companies are not responsible for, or liable in respect of, products and services provided by the other.

Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Product you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is also available.

TAL Life supports and adheres to the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities.

TRAVEL
Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance.

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