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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 how does it work?
Life insurance can help provide financial security for your loved ones if you pass away or become terminally ill. The way life insurance works is that by paying regular premiums you can help provide cover for your beneficiaries, who will receive a lump sum payment of up to $1.5 million. This can go towards helping your family keep their home, maintain their lifestyle and cover their living expenses. Alongside Suncorp Life Insurance, there are Optional Illness Cover options that could provide you and your loved ones with more cover if you are diagnosed with a defined critical illness such as cancer (of a specified criteria), a stroke or heart attack.
How much life insurance do I need?
The amount of life insurance you’ll need depends on your individual circumstances. When deciding on your amount of cover, consider your age, financial assets, any debt that you have accumulated and your household income. Also, consider your future expenses and income. This may include children, a higher or lower mortgage or increased lifestyle costs. Look at how much financial help your family will need to ensure they can maintain their lifestyle if you’re unable to provide for them
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?
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.
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.
How to apply for Suncorp life Insurance?
Applying and setting up a Suncorp life insurance policy won’t take long. All Australian citizens and residents aged 18-65 can apply for flexible levels of cover that can adapt as your circumstances change.
STEP 1: GET AN ONLINE QUOTE
Getting an online quote is simple and quick, with some easy yes/no questions about your health and lifestyle.
STEP 2: REVIEW YOUR POLICY
Your quote will be available immediately. Review the quote and the product disclosure statement that will be sent with it. Then decide on your premium preferences.
STEP 3: ADD PAYMENT AND CONFIRM
Once you’ve decided what cover to take out and have paid your premium, you’ll receive an email confirmation. Your policy documents will also be posted to you so you can have them on file. Congratulations, you’re now covered.
Is life insurance worth it?
Life insurance is there to protect your loved ones if something were to happen to you, making it an extremely important part of planning for your family’s future. With the ability to shift with you through life’s big changes, life insurance can offer support to your family whatever comes your way.
Why choose Suncorp Life Insurance?
Trusted by thousands of Australians who turn to Suncorp for their life 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. The Target Market Determination is also available.
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.
