Suncorp Income Protection Insurance

Suncorp is a provider of income protection insurance, as well as car insurance, life insurance, health insurance, online banking, savings accounts, home loans, credit cards, superannuation, travel insurance and home & contents insurance.

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Considering Suncorp income protection insurance? The table below displays a snapshot of Suncorp income protection policies on Canstar’s database. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.  

Click here to compare more policies based on your circumstances.

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What income protection does Suncorp offer?

At the time of writing Suncorp offers one income protection policy which provides cover for a variety of conditions that may prevent you from working.

What features does Suncorp income protection offer?

As a provider of income protection, Suncorp offers the following features:

  • The option of choosing a maximum benefit period of 1 or 2 years depending on your choice of cover
  • A maximum monthly benefit of $10,000 with involuntary unemployment cover providing a benefit of up to $4,000
  • Cover for employment up to 65 years
  • Phone-based support and an easy-to-apply online process
  • Other features, such as no premium payment required while you’re receiving benefits
  • Option to add involuntary unemployment cover

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What does Suncorp income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Whether you’re a smoker or a non-smoker
  • Benefit period and waiting period

You can customise your policy to suit your specific needs. Get a quote for Suncorp income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

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Suncorp FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

Suncorp advises that their income protection insurance premiums may be tax deductible.

Lodging a claim for income protection with Suncorp is a straightforward 4-step process.

  1. Contact Suncorp: By calling Suncorp on 13 11 55 (Monday to Friday 8.00am – 6.00pm), one of their customer service representatives can help you with your claim. Make sure you have your policy number and details of your diagnosis and date you stopped working.
  2. Claims Pack: Within 24 hours, you’ll receive a claims pack with all the information and forms you need to fill out to lodge a claim. This can also be found on the Suncorp website.
  3. Assessment: Suncorp will assess your claim and let you know of the outcome. Usually this process will take between 3-4 business days but each claim is different.
  4. Payout: Once the waiting period expires, and your claim has been approved, you’ll receive your benefit.

You can apply for Suncorp income protection after comparing your options in Canstar’s comparison tables and generating a quote on Suncorp’s website.

Suncorp may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

You may also need to provide a copy of various documents for these points, such as a valid form of ID (driver’s license, passport), recent payslips proving your employment and medical notes if applicable stating any pre-existing conditions you may have.

Suncorp’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be between 18 and 60 years old (inclusive)
  • You must be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application;
  • You must have worked an average of 20 hours of gainful employment per week over the last three months

Founded in 1902, Suncorp remains Australia’s leading bank in regional areas. The brands that come under the Suncorp Group umbrella include several insurance companies: AAMI, GIO, Bingle.com.au, Apia, Shannons, Terri Scheer, Asteron Life and AA Insurance.

Source: Suncorp

Suncorp Bank supports the community in a big way when it comes to health and fitness, promoting sun safety in the community since 2004 through its SunWise program. It also proudly sponsors the 5km parkrun every Saturday around the country, and the runPositive community at major marathon events.

Suncorp also sponsors the Blackmores Sydney Running Festival, Gold Coast Airport Marathon and the Sunday Mail Suncorp Bank Bridge to Brisbane. It even supports Youngcare so young people with a disability can have a fulfilling life with other young people in age-appropriate care.

Suncorp Income Protection

Canstar Research
Rating:
Award: Income Protection Insurance 3-Star Rating

Occupating Trades & Services

Non-Smoker

2018 Star Ratings Report

Written by: Regina Collins | Last updated: June 19, 2018