A fully-underwritten policies from Suncorp Income Protection Insurance can offer plenty of peace of mind, but Suncorp's cover limits aren't the highest around.
Receive a quote for Suncorp Income Protection Insurance
This review will outline the key benefits of the policy and eligibility requirements for Suncorp Income Protection. If you're looking for a protective insurance that provides you coverage at the time of illness or injury and inability to work, you may want to consider Suncorp income protection cover. It's both easy to understand and affordable, without sacrificing the quality of protection, allowing a greater peace of mind for you and your family.
Suncorp Income Protection: Our verdict
It's easy to get a quote online and you typically won't have to complete a medical or any blood tests. Also, you'll struggle to find lower waiting periods than the 14 days offered by Suncorp for some covers.
Both new and existing customers can take advantage of a sign up offer with this brand.
The most you can be insured for, up to 75% of your monthly earnings, is $10,000 per month. This might be okay for most needs, but HBF, Qantas, NobleOak and Aspect all offer higher limits.
Suncorp Income Protection offers a number of policy features, including as follows:
Monthly benefits of up to $10,000. If you can't work because you are sick or injured, Suncorp Income Protection Insurance provides an ongoing monthly payment to replace up to 75% of your income.
Choice of benefit periods. You can choose to receive an Out-of-action Benefit for a period of 6 months, 1, 2 or 5 years.
Recurring disability. If you suffer the same or a related sickness or injury within six months of receiving a monthly benefit, this could be treated as a 'recurring disablement', meaning you wouldn't have to re-serve the waiting period.
Waiver of Premium Benefit. If you are receiving a monthly benefit for disability or accident, you will not have to pay any policy premiums for up to 3 months during the benefit period.
Indexation. To ensure your level of cover remains in line with your income, Suncorp increases your monthly benefit by the increase in the consumer price index. This increase will be reflected in the cost of premiums and you have the option to decline any increase if you wish.
Pre-existing condition cover. Access cover for pre-existing medical and mental health related conditions. You will have to satisfy Suncorp's health and lifestyle criteria, and you will be assessed on a case-by-case basis by Suncorp
Note: It's a good idea to check Suncorp's Product Disclosure Statement (PDS), on its website, for full terms and conditions in regards to benefits and exclusions.
Accident Benefit option
Key points of Accident Benefit option
In addition to the included benefits of Suncorp income protection, you can also apply for the Accident Benefit option. This benefit allows you to:
Backdate benefit payments to the start of your 14 or 28-day waiting period in the event of an accidental injury leading to a claim.
This is a handy option that means you won't have forego 14 or 28 days worth of benefits if you are injured in an accident.
Note: This option is not available for cover with 60 or 90 waiting periods.
Please keep in mind that this option is not included with the in-built cost of your premium and will make premiums more expensive if you choose to include it.
Applying for cover
Key points of applying for cover
With Suncorp:
You'll need to be aged between 18 and 60 (inclusive).
You must work at least 20 per week
There are no medical or blood tests to take when you apply for cover.
An online application takes a few minutes and you will have to answer a few simple health questions.
Upon acceptance, you'll need to serve a 14, 28, 60 or 90 days waiting period before you can start receiving a benefit.
There's a 30 day cooling-off period from the date your cover starts; you won't be out of pocket if you change your mind.
More about Suncorp Life Insurance
Suncorp Life Insurance products are provided by TAL Life Limited, which is part of the TAL Dai-ichi Life Australia Pty Limited group of companies (TAL). TAL companies are not part of the Suncorp Group, and use the AAMI brand under license. TAL is one of Australia's leading life insurers with over 150 years experience. Information is current as of 21 September, 2020 and may be subject to change from time to time without notice.
Your questions about Suncorp Income Protection, answered
The cost of your Suncorp Income Protection Insurance premiums is influenced by a range of factors, including:
Your monthly benefit. The higher the amount of income you insure, the more your premiums will be.
Any additional options. Adding Accident Cover to your Income Protection policy will increase the cost of premiums.
Your age. The older you are, the more your premiums will cost.
Your gender. It generally costs more for men to purchase income protection cover than it does for women.
Your smoking status. Smokers expose themselves to myriad health risks – this fact will be reflected by higher premiums.
The benefit period. You can choose a benefit period of 6 months, 1, 2 or 5 yearswith Suncorp Income Protection Insurance – the longer the benefit period, the more cover will cost.
Your occupation. Blue-collar jobs are more hazardous than white-collar occupations and therefore cost more to insure.
The most common ways your Suncorp Income Protection would end are as follows:
You turn 65
You cancel the policy
You fail to pay your premiums and the insurer cancels your policy
You retire
You pass away.
If you need to make a claim on your Suncorp Income Protection policy, you or your beneficiary will have to contact Suncorp as soon as possible.
Suncorp will then send out a claim pack which you must complete and return to them as quickly as possible. You'll also need to supply documentation to support your claim.
For a disability claim, you must supply:
An initial claim form. This must be completed by you and your medical practitioner, and include proof of the event or condition.
Details if any hazardous activities you engage in.
Payslips or a statement from your employer to confirm your work hours and the terms of your employment.
For an accident claim, you must supply:
An initial claim form. This must be completed by you and provide details of your involuntary unemployment.
Proof of unemployment, for example a letter of accident or letter of termination of contract.
Proof that you are actively seeking employment, for example registration with Centrelink.
If you were self-employed, proof that your business ceased to operate due to actual insolvency, OR a letter from your accountant outlining the date and reason your business ceased to
Both disability and accident claims will also require you to provide:
Proof of your identity and age
Proof of your employment details
Any financial statements the insurer requires to assess your claim
Your Suncorp Income Protection Insurance disability claim won't be paid if the sickness or injury is caused by:
Any intentional self-inflicted act
Attempted suicide
You working in an occupation at heights above 15 metres or underground in the mining industry
You engaging in aviation activities other than as a fare paying passenger on a commercial flight
You riding or driving in any race, speed or reliability trial
You engage in mountaineering, rock climbing, abseiling or canyoning
The use of drugs, other than drugs taken as prescribed by a medical practitioner
Being under the influence of alcohol and driving with a blood alcohol level above the legal limit
Pregnancy, miscarriage or childbirth (unless the disability continues for more than three months from the later of the date the pregnancy finishes and the disablement begins)
You engaging in any criminal activity
In addition, no benefit will be paid if you were notified of impending involuntary unemployment prior to cover starting, or if your employer made a public announcement about the intention to lay off staff before cover commenced.
Read Suncorp's Product Disclosure Statement (PDS) on its website for more information.
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
James's expertise
James has written 212 Finder guides across topics including:
One of the benefits of income protection insurance is that you may have the ability to claim a tax deduction on your premium benefits. Find out if the same rules apply for policies inside super.
Find out how much your income protection insurance policy will pay out in the event of a claim. Receive quotes for income protection and apply securely.
Find out what an income protection waiting period actually is and how the longer you wait can impact your premiums and benefit payments.
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