Life Insurance

Provider	Information
Suncorp Family Protect Life Insurance
	Could the ones you love cope financially without you? Security for your family from $2.701 a week Help make sure the ones you love could manage financially if you were no longer around. Suncorp Family Protect is simple life insurance that offers peace of mind from just $2.701 a week. And you'll save 10%+ if you apply online now.

The cost of life insurance or life assurance (they’re the same thing) can vary greatly depending on your circumstances. If you’re a young, fit, non-smoker then it can be relatively cheap however for an older person the costs can be a lot greater. There are some general things to look out for however, which should keep the costs of your life insurance low regardless of your social and personal lifestyle or indeed your age.

Firstly, it’s always a good idea to keep on reviewing your policy every couple of years. As a rule people tend to take out life insurance, often in conjunction with a mortgage when it sometimes becomes a requirement of the home loan, and then they forget about it. Job done, nothing to worry about, I’m covered! Whilst this is true, as with anything there are normally cheaper and better options available so it really can pay to keep on shopping around. Under certain market conditions the cost of life insurance can fall significantly meaning there is no excuse to let your policy stagnate when much cheaper cover can be found. This is particularly relevant if your first life insurance policy was taken out in conjunction with your mortgage as in all probability you would have taken the easiest option at that time, often without looking at the market as a whole.  So, rule one is shop around and keep shopping around every couple of years and if you find a better deal then switch!

The next thing to consider is that as we go through life our circumstances tend to change and therefore so might our requirements with regards to our life insurance policy. People’s overall level of debt can change radically over time and a policy taken out five years ago when your debt was greater may not now be appropriate if your financial position is a lot stronger and you no longer require cover that relates to your circumstances many years ago.

Consider carefully whether you need cover for the whole if your life or just for a fixed term.  For example, if the primary reason for taking out a life insurance policy is to cover the cost of your mortgage then it will be cheaper (and usually with the added bonus of fixed costs) to take out a policy for the duration of the home loan rather than your entire life (which will hopefully be much longer)!

Finally, back to the original point we raised with regards to whether to opt for life assurance or life insurance.  No need to make the choice as they really are the same thing! Assurance is just another way of referring to the same product although sometimes the terminology changes when something is guaranteed or 'assured’ to happen (such as death!) as opposed to 'insuring’ against something  that we hope doesn’t – such as a car crash, a burglary or a fire.

+ Save 10% on the standard premiums when you buy online. Refer to the Product Disclosure Statement to find out more about standard premiums.
1. Based on $100,000 cover for a female, non-smoker aged 26 – 30 next birthday.
2. Acceptance is guaranteed if you're an Australian resident aged between 17 – 59 years (inclusive).
3. The payment of any benefit is subject to terms and conditions that apply to Family Protect including exclusions – refer to the Product Disclosure Statement.
4. Cover is immediate subject to confirmation of Suncorp’s acceptance of your application and receipt of correct payment details. Eligibility criteria apply. Please refer to the Product Disclosure Statement for details.
Please view a copy of our Financial Services Guide before purchasing this product.
This information is current as at January 2010 but may be subject to change. Any information contained on this page has been prepared without taking into account your objectives, financial situation, or needs. For that reason, before acting on this information, you should consider its appropriateness having regard to your own objectives, financial situation and needs. You should read and consider the Product Disclosure Statement for Suncorp Family Protect, which is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 (Suncorp) before making any decision about whether to acquire the product. You may wish to also consider obtaining independent advice before making any decision about the product. Suncorp is a subsidiary of Suncorp-Metway Limited ABN 66 010 831 722 (Suncorp-Metway). The obligations of Suncorp are not guaranteed by any other company within the Suncorp-Metway Group. Suncorp Family Protect is not a bank deposit or other bank liability of Suncorp-Metway.