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Life Insurance
- Life insurance cover for up to $1.5 million
- Easily change your cover amount as your life changes
- Simple application process with no medical exams required
What is life insurance and why do you need it?
Life insurance helps provide a financial safety net for your loved ones, in case you pass away or become terminally ill. You pay regular premiums, and your beneficiaries receive a lump sum payment. With Suncorp Life Insurance, you can choose cover for up to $1.5 million. There are also Optional Illness Cover options, to help further protect you and your family from temporary setbacks due to defined critical illness of specified severity such as Cancer (of a specified criteria), Stroke (resulting in neurological deficit) or Heart Attack (of a specified severity).
If you’re not sure how much cover you’ll need, give the handy Life Insurance calculator a go. You should also consider reading the Product Disclosure Statement before buying insurance. The Target Market Determination is also available.
Suncorp Life Insurance at a glance
What’s included in Suncorp Life Insurance?
Comprehensive cover up to a maximum of $1.5 million
You can also get up to $250,000 for Optional Illness Cover. Not sure how much cover you need? Use our handy calculator. To qualify for Optional Benefits you must be an Australian resident aged 18-65 and your medical condition must meet the specified severity criteria.
Flexibility to update your cover as your life changes
You can tailor and adjust your level of cover by up to $100,000 following a significant life-changing event, such as having a baby or taking out a mortgage without providing us new information about your health or pastimes1
Payout is generally tax-free*
There are no spending restrictions once you or your family have received the claim payment.
Advance payout of up to $10,000 (upon death)
This can help your family with any immediate costs, such as any legal fees involved with settling the estate.
You could receive your payout early
If you’re diagnosed with a terminal illness, we can advance your full payout.
Save with discounts
Get 5% off the premium on life cover for the youngest life insured if you take out a multi-life policy, get 12 months for the price of 11 if you pay annually, and receive a 5% discount if you’re a current customer with a Suncorp branded insurance policy.
What’s not covered?
Intentional self-inflicted acts
A Suncorp Life Protect Plus benefit is not payable in the event of intentional self-injury or suicide within 13 months of the cover commencement date.
If you’re in a country with a travel warning
No payments will be made under Suncorp Life Protect Plus if the event giving rise to the claim occurs while you are visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has isssues a ‘Do Not Travel’ warning advice that is in force during the time of your stay in that country.
Claims outside special terms
If Suncorp Life have agreed to a special term for cover that specifically excludes certain events or conditions, you won’t be covered if these contribute directly or indirectly to the claim. Any special terms will be agreed with you before your policy is issued.
Who can apply for Suncorp Life Insurance?
Australian Residents aged 18 to 65.
Optional benefits
Major Illness Cover
Help protect you and your family from temporary setbacks due to defined cirtical illness of specified severity such as Cancer (of a specified criteria), Stroke (resulting in a neurological deficit) or Heart Attack (of a specified severity), with a benefit payment of up to $250,000.
Cancer Cover
Help protect you and your family from temporary setbacks due to Cancer (of a specified criteria), with a benefit payment of up to $250,000.
When should you consider Suncorp Life Insurance?
All Australian citizens and residents aged 18-65 can apply for Suncorp Life Insurance. Suncorp Life Insurance offers flexible levels of cover to reflect the different stages of your life — from having a baby to buying a house to retiring.
Is life insurance through super enough?
Default life insurance through superannuation may not always meet the full needs of Aussie 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.
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.
Why so many Australians choose Suncorp Life Insurance
Trusted by thousands of Australians who turn to Suncorp for their personal insurance needs.
Suncorp Life Insurance rewards you with ways to save, like 5% off your Life Insurance and Income Protection Insurance policy if you hold other Suncorp branded insurance policies such as home or car insurance.
Frequently Asked Questions
If you hold another Suncorp Insurance policy, such as car insurance, we’ll apply a 5% discount on your Suncorp Life Insurance premium for the life of the policy.
In addition, if you add another adult to your policy, the youngest person will receive a 5% discount.
Suncorp Life Insurance covers you for death and the diagnosis of terminal illnesses with a life expectancy of less than 12 months. This does not include suicide or intentional self-injury in the first 13 months of the cover commencement date for Comprehensive Life Cover.
If eligible, you can select up to $250,000 in Optional Illness Cover. This is a lump sum payment drawn from your main Life Insurance benefit, to assist with medical and out-of-pocket expenses while you’re recovering from certain sicknesses or injuries. You must be 18 to 55 years of age to apply for Optional Illness Cover.
You can choose who you would like to benefit from your life insurance policy after you pass away.
Receiving a COVID-19 vaccination approved for use by the Therapeutic Goods Administration (TGA) in Australia will not affect the cover under your existing insurance policy. Suncorp Life Insurance policies do not include exclusions or limitations related to COVID-19 including vaccine related side-effects. If you were to experience sickness or injury after receiving the COVID-19 vaccination, a claim can still be lodged for a benefit under your policy and your claim will be assessed and is subject to the terms and conditions of your policy. This includes doctors, nurses, health professionals, police and people working in quarantine hotels and services.
Looking for something else?
We also offer other types of insurance:
Suncorp Life’s Commitment to the Life Insurance Code of Practice
Suncorp Life Insurance policies are issued by TAL, who played a key role in creating the Life Insurance Code of Practice. Suncorp Life is committed to delivering the best possible customer service standards and support the Financial Services Council in promoting and monitoring the Code of Practice. Suncorp Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more.
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.
Operating Hours
Quotes and sales: Mon-Fri 8am-7pm, Sat 9am-4pm (AEST)
Customer service: Mon-Fri 8am-6pm (AEST)
Claims: Mon-Fri 8am-5:30pm (AEST)
^ Subject to eligibility criteria
* Exceptions apply such as when cover is used for some business purposes and for non-financially-dependent beneficiaries of life cover under a superannuation plan. Taxation advice specific to your circumstances is recommended
1. Increases are limited to the lesser of 20% of your benefit amount at the time of the increase and $100,000. Conditions apply, refer to the Life Events feature in the PDS for more information.
Information is current as at 23 March 2020 and may be subject to change from time to time without notice. 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. 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 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 Insurance product you must read the Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG). The PDS and FSG contain important information which will help you understand the product, including what's covered and what's not covered and to help you decide whether it is appropriate for you and whether to use any of the services offered.
If you decide to purchase or vary a financial product, PV will receive fees and other benefits, which will be a dollar amount or a percentage of the premium you pay. You can ask us for more details.
Asteron and TAL Life support and adhere 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. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email info@fsc.org.au or visit www.fsc.org.au.
How much cover do you need?
The amount of cover you may need will depend on the needs and lifestyle of your family, such as your current financial commitments e.g mortgage, your family's anticipated future needs e.g kids education, your super and any other investments.
Comprehensive cover up to a maximum of $1.5 million
You can also get up to $250,000 for Optional Illness Cover. Not sure how much cover you need? Use our handy calculator. To qualify for Optional Benefits you must be an Australian resident aged 18-65 and your medical condition must meet the specified severity criteria.
Flexibility to update your cover as your life changes
You can tailor and adjust your level of cover by up to $100,000 following a significant life-changing event, such as having a baby or taking out a mortgage without providing us new information about your health or pastimes1
Payout is generally tax-free*
There are no spending restrictions once you or your family have received the claim payment.
Advance payout of up to $10,000 (upon death)
This can help your family with any immediate costs, such as any legal fees involved with settling the estate.
You could receive your payout early
If you’re diagnosed with a terminal illness, we can advance your full payout.
Save with discounts
Get 5% off the premium on life cover for the youngest life insured if you take out a multi-life policy, get 12 months for the price of 11 if you pay annually, and receive a 5% discount if you’re a current customer with a Suncorp branded insurance policy.
Intentional self-inflicted acts
A Suncorp Life Protect Plus benefit is not payable in the event of intentional self-injury or suicide within 13 months of the cover commencement date.
If you’re in a country with a travel warning
No payments will be made under Suncorp Life Protect Plus if the event giving rise to the claim occurs while you are visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has isssues a ‘Do Not Travel’ warning advice that is in force during the time of your stay in that country.
Claims outside special terms
If Suncorp Life have agreed to a special term for cover that specifically excludes certain events or conditions, you won’t be covered if these contribute directly or indirectly to the claim. Any special terms will be agreed with you before your policy is issued.
