Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

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.

Life insurance products are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (Asteron) or TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life). Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies use the Suncorp brand under licence. Suncorp is a distributor of products issued by Asteron and 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.

See all articles

Handy Tools

Life Insurance Calculator

Related Links and Products

Life Insurance

Legal information  Privacy policy  Online Terms  Cookie & data policy  Accessibility  Sitemap

Products and services including banking, home loans and insurance are provided by different entities of the Suncorp Group.  Suncorp Bank (Suncorp-Metway Ltd ABN 66 010 831 722) is only liable for the banking and home loan products or services it provides and not the products and services of other companies in the Suncorp Group.

BANKING
Banking and home loan products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882. Please read the relevant Product Information Document and Terms & Conditions before opening an account. Fees, charges, terms and conditions apply and are available on request. 

Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Information Document, and/or Terms and Conditions before applying for any Suncorp Bank product. Target Market Determinations (“TMDs”) are also available. Copies of historical TMDs for credit card products can be obtained by calling 13 11 55.

INSURANCE
Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.

GENERAL INSURANCE
General Insurance (including Home Building, Home Contents, Landlord, Strata, Car, CTP, Motorcycle, Caravan, Motorhome, Boat Insurance, Business Insurance and Barristers Insurance) is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance.

SUNCORP HEALTH INSURANCE
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. Read the policy booklet before buying this insurance.

SUNCORP LIFE INSURANCE
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.

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 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 Product you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is also available.

TAL Life is proud to have adopted the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry 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.

COOKIE AND DATA POLICY
We use cookies and other related technologies to improve and tailor your website experience. See our Cookie and Data Policy. This policy provides information about how Suncorp collects and uses data related to your online activity, and how you can choose to remain anonymous.