Life Insurance
What you need to know about life insurance & income protection
05 October 2017
Planning is important, no matter what stage of life you’re in. Whether it’s running your own business or starting a family, life insurance and income protection insurance can cover significant milestones and life events. If the unexpected happens, for example a sickness or injury, then there’s financial support and cover available.
What is life insurance?
Life insurance can be thought of as a financial safety net for your loved ones should the unthinkable happen. You can help protect the life you’re building and your loved ones from financial hardship with Suncorp Life Insurance.
Suncorp Life 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 how much cover you and your family might need, try our interactive calculator. If you feel you’re in a position to explore life insurance, you can get a quote for Suncorp Life Insurance today.
What is income protection insurance?
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 situations, Suncorp Income Protection Insurance can help provide a safeguard, as long as you’re employed more than 20 hours per week. Suncorp Income Protection Insurance offers cover for up to 75% of your monthly income, with a limit of $10,000 per month. This will be paid to you after the claim waiting period, which is the amount of time between the medical practitioner first certifying your sickness or injury, and before your benefits start. A benefit may be payable under the Accidental Benefit Option during the claim waiting period – see the policy schedule for more details.
You can choose a 6, 12, 24 or 60 month 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 as simple as possible.
Note: The above information is relevant to customers who has purchased an Income Protection policy effective 23 March 2020.
Get in touch with us today
If you’re unclear about which product is right for you and your family, or if you have any other questions, Suncorp Life here to help. Take the time to talk your options over with your family and read more about our Life Insurance or Income Protection Insurance products in our Product Disclosure Statements. Contact us to learn more, or if you’re interested in Suncorp Income Protection Insurance, you can get a quote today.
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is 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 Life uses the Suncorp brand under licence from the Suncorp Group. Redundancy Benefit provided on or before 31st March 2020 was issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 are issued by TAL Life. 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.
This information is general advice only and does not take into account your individual needs, objectives or financial situation, so before acting on it you should consider whether it is appropriate for you. Before you decide to buy or to continue to hold an insurance product, please read the Product Disclosure Statement (PDS). The PDS contains important information which will help you understand the product, including what's covered and what's not covered. The Target Market Determination (TMD) for the product is also available.
