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Suncorp Bank Insurance Guide

Suncorp Bank is part of the Suncorp Group. It was established in 1902 as the Queensland Agricultural Bank. The bank started offering insurance services in 1916. Currently, it serves customers in both Australia and New Zealand.

You can obtain personal and business insurance services from Suncorp Bank as part of their overall personal and business banking services.

  • Suncorp Bank offers a wide variety of insurance policies. These include home and contents, travel, life, income protection, car, and health insurance.
  • Suncorp Bank offers products that are unique and tailored to suit a wide range of customer needs.
  • In addition to providing insurance services, Suncorp offers special rewards and savings to its customers.
  • Through Suncorp Bank you can buy multiple insurance policies if you are eligible and get significant discounts.
  • Suncorp Bank allows you to vary your excess when buying or renewing your insurance policy. That allows you to have some control on the insurance premiums you will be paying.
  • Suncorp Bank’s insurance is cheaper when bought online or by seniors. Multi-family policies are also cheaper.

Suncorp Bank provides you with a wide variety of insurance covers to safeguard your home, business, income, health, and loved ones.

Life Insurance

You can access a wide variety of life and income insurance covers from Suncorp Bank to take care of all stages of life and multiple life-changing events. If you are diagnosed with a terminal illness or die by accident, of natural causes and even by suicide in certain circumstances, your loved ones will be protected from financial hardship to the tune of up to $1 million. The lump sum payout will be tax free.

This will ensure your loved ones can pay off any debts you leave behind including the mortgage or personal debts. You may also be able to cash out early in case of terminal illness and thus use the money for medical expenses.

When you die your primary nominated beneficiary can fill in the claims form and within 24 hours of Suncorp Bank receiving the death certificate, the claims will be approved. And the beneficiary will receive a $10,000 advance to cater for the funeral expenses.

If you haven’t nominated a primary beneficiary, then the funeral advancement benefit will be given to your estate. You can nominate up to 5 beneficiaries to get the lump sum payment. The policy provides worldwide coverage and will cover you until age 99 years.

It’s worth noting that the cover levels are flexible to accommodate major changes in your life such as having a baby or buying a house. In case of financial difficulty, you can put a halt to your premium payments for up to three months during which you will only be covered in case you die of an accident.

Income Protection

If you get sick or injured and you are unable to work and earn an income, Suncorp Bank’s income protection policy will cover up to 75% of your monthly income for a maximum payment of $10,000. With the monthly payout, you will be able to take care of regular expenses like groceries and mortgage payments.

The insurance cover may also cover you if you are involuntarily unemployed under the same conditions but for up to a maximum $4,000 a month. The benefits will last 3 months and can only be claimed after you have paid for the policy for at least 6 months.

The income protection policy from Suncorp will cover you up to the age of 65 years so long as you have kept up with the payments. There is only a 30-day waiting period. And you have the option of choosing a 1-year or 2-year benefit period. Furthermore, while you are on claim, there is no need to pay premiums.

Suncorp Bank’s income protection is available for people aged 18- 60 years old working for at least 20 weeks. Also, applicants must either be permanent residents of Australia or Australian and New Zealand citizens.

Some situations that cause you to get injured will not be covered by Suncorp Bank’s income protection insurance. These include criminal activity, jobs where you work underground like in the mining industry, jobs where you work at heights above 15 meters, self-inflicted injuries and extreme sports like mountaineering, cave diving, etc.

Funeral Insurance

Your loved ones will also be protected from having to deal with funeral-related expenses if you have funeral insurance. Your nominated beneficiary can access the money within 2 days of the claim being approved. The lump sum payment may range from $5,000 to $15,000. You may also receive the payment in full if you are diagnosed as terminally ill after paying for the policy for at least 12 months.

Also, your premium levels are fixed so that they don’t increase as a result of your age. But the premiums would increase if you choose to increase your cover in the future.

After you turn 85, you will not be charged any premiums. However, if you die due to an accident or illness that was present prior to the policy start date or if you die as a result of a self-inflicted act, your funeral insurance benefits will not be paid out.

Suncorp Bank has been insuring Australian customers for the past 90 years. It has over 1 million customers including 2000 barristers.

Suncorp takes corporate social responsibility seriously. And thus it supports a variety of organisations and charitable activities including Netball Australia, Queensland Ballet, Suncorp Stadium, Youncare, and ESSI Money.

Awards

Recent awards for Suncorp Bank include:

  • Insurer of the year – Mozo Experts Choice 2018
  • Exceptional Quality – Mozo Experts Choice 2018
  • Outstanding Claims Service Award –Canstar 2016-2019

You can easily make a claim online 24/7 on the Suncorp Bank website. Just follow the guided process, select the type of insurance you are claiming for, and submit the claim. You can also keep track of the process online.

You can also download the Suncorp App and make a claim.

Suncorp Bank Insurance customers can enjoy numerous special offers and rewards by logging online or downloading the Suncorp App. These include:

  • Savings of up to 15% at over 100 retailers
  • Additionally, you will get 10% back for every three years you continue to hold the policy.
  • Getting eGift cards of $50 or more
  • 15% when you combine 3 or more insurance policies
  • $20 to $50 off if you quote and buy car insurance online
  • Reduced premiums if you drive less than 10,000 km annually
  • 10% discount on comprehensive car insurance if your parent also has one and you are under the age of 25.

Website: Suncorp Insurance

Phone: 13 11 55

Address: Registered Office,
Level 28,
266 George Street,
Brisbane QLD 4000

N.B

Suncorp Bank currently is not one of the insurers Life Insurance Comparison works with.

We are able to offer you quotes from our panel of insurers, which include AIA, BT, CommInsure, OnePath, TAL, MLC, ClearView, Zurich, and NEOS.

For life insurance we sell income protection, trauma, life insurance and total permanent disability.

To see sample quotes online, enter your details here.

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