When it comes to insurance options in Australia you are not going to find a company larger than SunCorp. At the last count they were the largest insurance provider in Australia. They were the second largest insurance provider in New Zealand. With close to $96 billion of assets at their disposal you can be sure that this is a company that will be sticking around for an incredibly long time.
SunCorp began its life in Queensland way back in 1919. They were established as the State Accident Insurance Office and were there to provide mandatory injury compensation to workers in the area. Over the years they have drastically grown in size mainly down to a number of different acquisitions. Perhaps the main highlight from SunCorp over the past few years is their purchase of Promina in 2007. At the time this was the largest financial transaction in the 21st Century. This greatly increased the size of SunCorp and allowed them to offer more products than ever before.
SunCorp Life Cover
One of the main products offered by the insurance wing of SunCorp is their life insurance policies. One of the reasons as to why these policies are so popular is down to the fact that just about anybody is able to apply for them. We will discuss that in a bit more depth soon.
SunCorp Life Cover is available in a variety of different formats and includes a variety of different payouts upon the death of the policy holder. This means that you are able to tailor your SunCorp Life Cover to your own specifications. This is something which many people enjoy and is one of the main reasons as to why many people head to SunCorp for their life cover.
SunCorp Life Cover Benefits
As mentioned previously; those who take up SunCorp Life Cover policies will be able to enjoy a variety of different benefits. These benefits include:
- Complete flexibility as regards to your policy. This means that you are able to tailor the policy to your own specific requirements. There are very few life insurance providers out there which offer the flexibility that SunCorp offers its customers.
- $10,000 Funeral Advancement Benefit upon Death
- Up to $1 million lump sum payment upon death.
- 10% cash back on premiums every three years whilst you hold the policy. This is something which very few insurance providers offer, particularly in Australia.
- Coverage up to the age of 99.
- Guaranteed renewal at ANY age.
- 10% discount for family members if somebody already holds a policy with SunCorp.
SunCorp Life Cover Eligibility
One of the wonderful things about SunCorp is the fact that just about anybody can apply for a policy through them. There are no limitations. If you are under the age of 99 then you will be able to get in touch with SunCorp and they will try and come up with a plan that suits your needs. There are no blood tests or medical examinations required. It is however worth noting that the cost of the life insurance policy will go up as you get older. It is therefore wise to apply for the policy as early as possible in life.
SunCorp Income Protection
SunCorp Income Protection Insurance Policies are designed to give you financial security should you find that you are unable to work due to severe sickness or injury. This basically means that you are going to get at least some of your wages back. This means that you will be able to apply for the policy and have time off work allowing you to recover.
One of the main reasons as to why people opt for SunCorp Income Protection is the fact that the policies that they offer are fairly flexible and SunCorp seem to pay out incredibly fast in the time of need of their customers.
SunCorp Income Protection Benefits
Those that opt for SunCorp Income Protection can look forward to the following benefits when they make a claim under their insurance policy:
- Up to 75% of monthly income will be covered. This means a maximum of $10,000. If you require more protection than this then SunCorp is not the way to go.
- There are absolutely no medical examinations required to take out this policy. You just need to answer a few questions. This means that one of the major benefits of opting for SunCorp is the fact that you do not have to jump through hoops.
- Payments can be made for up to 2 years after a claim. You have full control over the amount of payout you will receive when you apply for the policy.
- Incredibly easy application process.
- Guaranteed renewal of policy all the way up to 65th Birthday. Even if your health changes you can still renew!
SunCorp Income Protection Eligibility
Providing you are of working age (i.e. under the age of 65) then you will be able to apply to SunCorp for their income protection policies. You will not even have to undergo a medical however there is a small chance you may be rejected based upon the questionnaire that you must fill in upon application.
SunCorp TPD Insurance
SunCorp does not currently offer any TPD Insurance policies.
SunCorp Funeral Insurance
The cost of funerals has risen drastically over the past few years. This is why SunCorp have recently introduced some of the best funeral insurance policies in Australia. The policy, of which there is only one to select although you do get a great deal of flexibility, have been designed to relieve your friends and family of the financial burden of planning a funeral.
There are a number of different benefits to opting for SunCorp Funeral Insurance. We are going to take a look at them now.
SunCorp Funeral Insurance Benefits
- Value Promise Guarantee: This guarantee is perfect for those who are a bit worried about paying more in premiums than they are going to get out of the policy. Upon a claim being made the payout will be either the amount you are covered for or the full amount in premiums paid. The higher amount will be selected.
- Early Repayment Benefit: The vast majority of insurers out there will only pay out upon death. If you are diagnosed with a terminal illness more than 12 months after the start of the policy then you can claim for your full coverage amount. This amount does not need to go towards the funeral. Think of it as a ‘mini’ life insurance policy.
- There is a great deal of flexibility in the insurance policies offered by SunCorp for funeral insurance. You can even add your policy to one of the life insurance policies offered by the company!
SunCorp Funeral Insurance Eligibility
You can apply for SunCorp Funeral Insurance at any age although it is obviously going to be more beneficial for those who are in the later stages of life where a payout may be required sooner as opposed to later.
Can You Apply for TPD Insurance Through SunCorp?
Not directly, not. You can however apply for limited coverage through the income protection scheme although that will only cover lost wages.
Will I ever need to undergo a medical?
You do not!
What is Guaranteed Renewal?
Most of the policies offered by SunCorp come with ‘guaranteed renewal’ coverage. This means that you can renew the policy at the end of the term regardless of circumstance.
Will the Price of the Premium Go Up upon renewal?
Yes it will. SunCorp will take into account your age and medical condition (based upon a questionnaire) upon renewal. The price will never go down.
Is the Value Promise Guarantee for Funeral Insurance Worth It?
Yes it is! With that policy you are guaranteed to always get back what you pay in (if you pay more than the payout amount that is)