Suncorp Life Insurance Review
Last updated on August 17th, 2022
Read Here for Our Suncorp Life Insurance Review:
If you’re looking for a life insurance provider that offers flexible payment, you’ll want to consider Suncorp. They allow you to choose from fortnightly, monthly, and annual premium payment schedules for your fully underwritten life insurance policy. What’s more, they are one of a few insurers who offer to suspend your premium for up to three months when you need it. These are just some of the considerate services that Suncorp has honed over the last 100 years.
What are Suncorp Life Insurance Products?
Suncorp Life Insurance offers three main insurance policies. Check them out to see if something suits your needs.
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Life Protect Plus Insurance
– Pays you a lump sum amount of up to $1.5 million if you are diagnosed with a terminal illness or in the event of your death.
Key features:
- Pays up to $250,000 for optional illness cover
- Your beneficiaries can receive up to $10,000 Advanced Payout benefit to help cover legal fees and other immediate expenses
- Does not require medical tests to apply
- Easy application online or over the phone
- Your premiums can be paid fortnightly, monthly or annually
- Stay covered until you reach 99 years old, as long as you pay your premiums on time and meet all policy conditions
- Lifestyle Increase Benefit allows you to increase your cover following important life events without further medical exams
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Income Protection Insurance
– This insurance benefit from Suncorp replaces your regular income in case you are not able to work because of an injury or illness
Key features:
- Replaces up to 75% of your income before your disability with a maximum of $10,000 per month
- You can use this benefit to help pay your mortgage or rent and regular bills
- Does not require medical tests to apply
- A waiting period of only 30 days
- You can choose from these benefit periods: 6 months, 1, 2 or 5 years
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Funeral Insurance
– Provides up to $15,000 cover for funeral and other related expenses
Key features:
- Application is easy. You are guaranteed acceptance if you are between 45 and 80 years old
- Total premiums paid is always lesser than the benefit paid
- You can access your benefit payment if you are diagnosed with a terminal illness
- You can receive a 5 per cent discount when you add another adult to the same Funeral Insurance policy
- Claims are usually paid within 24 hours of approval
Who Can Apply for Suncorp Life Insurance?
To qualify for any Suncorp life insurance policy, you need to be an Australian or New Zealand citizen. Permanent residents living in Australia are also eligible to apply.
- Life Protect Plus eligibility
- This insurance policy is available to people who are 18 to 65 years old (inclusive)
- You will need to be a citizen of Australia or New Zealand. Permanent residents living in Australia are also eligible to apply for cover and must receive the Product Disclosure Statement (PDS) in Australia.
- You can apply for cover of up to $1.5 million and a maximum of $250,000 Optional Illness cover.
- The policy expires when you reach 99 years old.
- Income Protection eligibility
- To be eligible for this policy, you must be 18 to 60 years old (inclusive)
- You should be working at least 20 hours each week
- Your policy can cover up to $10,000 per month, and you are covered until you reach 65 years old.
- Funeral Insurance eligibility
- You must be 45 to 80 years old (inclusive)
- You can cash in your benefit after your 85th birthday. This early payout benefit is for 120% of your cover amount.
Comparing Life Insurance Policies Makes Sense
With everything you buy, you wouldn’t just hand over your money without asking for some information. When it comes to choosing the best life insurance cover, comparing various policies and insurers will help you get your money’s worth. You can compare up to 14 insurers at Makes Cents with just a single click. Start today.
Our Suncorp Life Insurance Review is just one of many. You can also read reviews on many more Life Insurance Reviews at MakesCents.
