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Life Insurance for families
Insurance for whatever stage of life you're at
Why is it important?
Help protect the ones who rely on you
You take pride in building a great life for your family. We understand that during this stage in your life your financial commitments are high and you have the most to protect. You and your partner have a big job to do and you rely on each other to juggle it all – work, mortgage repayments, homework and meal planning – and you do a great job of it.
Life doesn't always go to plan
Consider what would happen if something unexpected happened to you or your partner. What’s your plan?
- How would your partner cope with work, running the house and the kids without you?
- If you became ill or injured and are unable to work, could your partner also afford to take time off work to look after you, the kids and the household?
- Who would look after the kids while you’re recovering and your partner’s at work?
- Could you pay your ongoing financial commitments like the mortgage, bills and school fees?
- What if you had to pay costly medical bills on top of your current financial commitments on one or no income?
Ways to protect your family
If life throws you a curve ball, you still want your family to continue living the life you planned for them. Our customers in your stage of life often buy these products. Consider what might be suitable for your own circumstances.
Life Insurance
Life sometimes takes an unexpected turn. If you fall terminally ill or die, your beneficiaries will be paid out in one lump sum to spend however they need, with cover up to $1million available. This could mean your family might not have to worry about things like:
- the mortgage and credit card debt
- changing schools to save on school fees
- paying for everyday living expenses
- your funeral expenses
Income Protection
You and your partner make a great team juggling the family commitments. But if one of you couldn’t work due to illness or injury, could the other one still juggle these commitments and could you still pay the bills? Receive a monthly payment while you recover to help go towards things like:
- medical bills
- bills, mortgage, rent, groceries, utilities, school fees
- home help e.g. nanny, cleaner
- transport if you can't drive
Life Insurance through Superannuation – Is It Enough?
What is Life Insurance through superannuation? And how do you know if life insurance through superannuation is enough? Samantha Rush explains the basics of life insurance in these two 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.
Life Stages & Events
Whatever stage of life you're at, Suncorp could help you plan for life's unexpected turns. See what some people in your stage of life buy to help protect themselves financially and why.
Select a lifestage that's relevant to you
Young singles
Couples
Getting married
Having children
Families
Kids have left home
Seniors
Death or illness in the family
Need to talk?
Our friendly team of insurance specialists at our Australian based call centre can answer all your questions. Alternatively, if you feel your financial requirements are more complex and you require financial advice, you can turn to a Suncorp Financial Planner for help in assessing your risk and working out the cover that could meet your needs.
