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Life Insurance for
Empty Nesters
- Buy your policy online or over the phone in minutes
- Simple application process and no medical exams needed
Enjoy savings at a range of popular retailers with Suncorp Benefits
Help Protect you and your partner’s
financial future
As your kids grow up and leave the nest, it’s a good idea to make sure you have cover to help protect you and your partner’s financial future. While you no longer have to worry as much about family expenses, it’s still important to think about your own. That means getting cover to help protect your income and helping to secure your partner’s financial future.
Find the right cover for you
Is life insurance through super enough?
You may have some form of a life cover already through your superannuation, however this type of default life insurance may not meet the full needs of Australian families. With a surprising amount of the population being underinsured, you may want to check to see how your super’s life insurance compares to taking out a policy through an insurer. Before considering purchasing life insurance, you should read the Product Disclosure Statement.
Brush up on the basics with these two short videos.
What is Life Insurance through superannuation?
This means paying for Life Insurance with the money that sits in your super fund. You’ll generally get the default level of cover your super fund offers. You can choose this option through your employer or when you set up your super fund. As long as your employer, or you, contributes super to your account regularly, you will have some level of Life Insurance cover.
What am I covered for under Life Insurance through superannuation?
Life Insurance through a super fund usually includes one or more of three different kinds of cover:
- Death cover, which pays a lump sum or an income stream benefit amount to your beneficiaries if you die.
- Total and permanent disability cover, which pays you a benefit amount if you’re seriously disabled and not likely to work again because of this.
- Income protection to cover loss of income over a certain period if you can't work because of a temporary illness or injury.
How do I work out how much Life Insurance I need?
To get an idea of how much insurance cover you need, start by tallying up the total cost of the things you pay for that your loved ones would still need if you’re no longer earning an income.
This might be things like your bills, debts, mortgage, and personal loans. The total sum of these gives you an idea of the amount of cover your loved ones would need to continue to meet your financial responsibilities in your absence.
Try our life insurance calculator online now.
What’s the difference between my super Life Insurance policy and a policy through an insurer?
Life Insurance through an insurance provider is different in a few ways. Firstly, there can be more flexibility around the kind and level of cover available, meaning the amount you pay can be adjusted to increase or decrease the level of cover. Also, benefit amount payable to you or your family are usually delivered quicker by an insurance provider because they are passed directly to the beneficiaries rather than to a super funds trustee.
Is Life Insurance through super enough?
When thinking about Life Insurance, consider what you need cover for, the premium you can afford, and the benefit or limits you and your loved ones require to keep the lifestyle that you want. For example, if someone has an underlying medical condition they might opt for Life Insurance through an insurance company to make sure they’re covered in particular circumstances. On the other hand, another person might only need a benefit amount if they’re injured at work and can no longer do that job.
Try our life insurance calculator online now.
We’re here to help
The friendly Suncorp Life team are Australian-based and here for you. If your needs and personal circumstances are more complex and you need financial advice, please talk to your Financial Planner.
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) or by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which are 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.
Redundancy Benefit issued on or before 31st March 2020 was offered by AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI) trading as AAMI which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 will be issued by Asteron Life &Superannuation Limited, ABN 87 073 979 530, AFSL 229880 (Asteron). 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.
The Reward and Recognition program ("Suncorp Benefits") is being operated by EONX Services Pty Ltd ABN 39 615 958 873. To register for Suncorp Benefits you must hold a current eligible personal policy or an eligible personal product or service from one of the brands in the Suncorp Network brand. Purchase limits apply to each individual retailer. See full Terms and Conditions. Use of Suncorp Benefits is subject to the operator’s privacy policy.
