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Buying a home

Life Insurance & Income Protection – What do I need to know?

Life insurance & income protection – What do I need to know?

If you’ve entered into a home loan alongside someone else, you both need to consider what happens to the loan if one of you passes away, or through illness or injury becomes unable to earn an income.

It’s a horrible thing to think about, we know, but one awkward conversation now can prevent something truly disastrous later.

Life Insurance

If you were to pass away suddenly, it could leave your family unable to meet their financial obligations. It’s an unpleasant thing to consider, but every family should have a plan in place to ensure their financial stability should anything unforeseen happen.

Suncorp Life Protect Insurance can offer your family a way to maintain their lifestyle if the worst were to happen. It provides a lump sum payment of between $100,000 and $1 million if you die or become terminally ill, and features a $10,000 early payout for funeral costs, subject to terms and conditions.

If you’re unsure of how much cover you and your family might need, try our interactive calculator to get an idea. If you’d like to know how much Suncorp Life Insurance will cost, you can get a quote today.

Income Protection

There may be scenarios where an illness or injury isn’t life threatening, but will prevent you from working and earning an income. In those scenarios, Suncorp Income Protection Insurance can help. Suncorp Income Protection Insurance offers cover for up to 75% of your monthly income, with a limit of $10,000 per month, which will be paid to you after the waiting period. You also have the option of adding cover for involuntary redundancy, which also offers cover for up to 75% of your income, but has a monthly limit of $4,000.

You can choose a 1 or 2-year benefit period. The claims process is simple, and you won’t have to pay premiums while you’re receiving your benefit. It’s designed to make maintaining your financial commitments—including your home loan payments—as simple as possible.

If you’re unclear about which product is right for you and your family, or you have any other questions, please feel free to contact us.

If you’re interested in Suncorp Income Protection Insurance, you can get a quote today.  

You shouldn’t rush into an important decision like this. Talk your options over with your family or a financial adviser and take the time to read as much as you can about the products available so you can figure out whether they meet your needs. Contact us to learn more, or get a quote today.

Suncorp life insurance products are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (SLSL), and AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI), who only issues the redundancy benefit. Suncorp life insurance products are distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 (SFS). SLSL, SFS and AAI are Suncorp Group (Group) entities. The different entities of the Group are not responsible for, or liable in respect of, products and services provided by other Group entities. Any advice in this information is general advice only and has been prepared without taking into account any person's objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) before making any decisions about whether to acquire a product. 

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