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Life Insurance

What’s the difference between life and health insurance?

1 March 2022

Life insurance and health insurance are different, offering a range of benefits across a variety of scenarios. We take a look at both kinds of insurance, their features and how they might complement each other.

Of course, as with any insurance product you’re considering, it’s a good idea to read the Product Discosure Statement (PDS) so you can brush up on the exclusions, limitations and waiting periods that apply.

What is life insurance?

In the event that you pass away or become terminally ill, life insurance may offer some financial security for the people you care about most. The regular premiums you’ve paid will mean your beneficiaries receive a lump sum payment if a claim is made.

What does it cover?

Suncorp Life Insurance offers a range of Life Insurance options, including:

  • Life Insurance. Choose cover for up to $1.5 million. You can also add optional covers to your policy for illnesses such as cancer, heart attacks and strokes.**
  • Funeral Insurance. This cover is designed to help ease the financial stress associated with funeral expenses. Your beneficiary will receive a lump sum payment to assist with this and other unexpected costs. There are no restrictions on how it can be spent.**
  • Income Protection Insurance. You can choose to be covered for up to 75% of your income (for the period you nominate) if you’re unable to work because of illness or injury. This means you can focus on getting better.**
  • Compare Life Insurance options


What is health insurance?

Private health insurance provides cover for the costs of many in-hospital stays and procedures. You can also choose extras cover for services like (out of hospital) dental and optical. Private health coverage can offer you extra options for specialised or elective treatments and may result in faster treatment than the public health system.

What does it cover?

Health insurance products cover a range of services. This may include emergency care, such as the cost of an ambulance (usually administered by your local ambulance authority), a stay in intensive care at a private hospital and routine surgery at a private hospital. You can choose extras cover which provides coverage for day to day health expenses, like dentist appointments.

Suncorp Health Insurance offers two types of cover:

  • Hospital Cover. This policy covers the healthcare costs for a stay in a private hospital. It gives you the flexibility to choose your specialist and opt for private facility over public so you can avoid long waitlists. Private hospital cover may not cover all of your specialist fees and does not cover medications or out of hospital charges.**
  • Extras Cover. Choose this cover for your day-to-day health needs. It includes benefits for dental, optical, physio and chiro.**

These policies can be purchased together or separately.

Get a Health Insurance quote


Choosing the cover that’s best for you

To determine the Life or Health Insurance cover you need, consider your circumstances. This could help you to understand whether one or the other, or both, is best for you.

Let’s consider an example of how both covers might work together. If you had a heart attack, you’d likely be unable to work due to a hospital stay and your recovery time. Health Insurance with hospital cover would provide you with more choice for your care and treatment options while you are in hospital. With Income Protection Insurance, part of your monthly income would be covered while you get better. So, a combination of both policies could give you the confidence of knowing your family has adequate financial support.

Depending on your situation — say, if you’re the sole income earner for your family — you may find combined coverage valuable. However, if you’re single or you don’t have any dependents, your insurance needs might differ.

Read more:


*A waiting period applies.

** Limits, exclusions and waiting periods apply.

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 license.

Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV does not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries. 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 Products you must read the relevant Product Disclosure Statement. The Target Market Determination is also available. 

Suncorp Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib), a registered private health insurer, and is marketed by  Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC),a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib. nib is not a part of the Suncorp Group. Read the policy booklet before buying this insurance.