Secure financial protection
Pays a lump sum Benefit if the Insured Person dies or is diagnosed with a Terminal
Illness which will most likely result in death within 12 months of being diagnosed.
The benefit received can help meet funeral expenses, secure your family's future
through the creation of an estate, repay your mortgage and other debts, and protect
your business or cover key business expenses. There are two types of Term Life Insurance
available:
- Yearly Renewable Term Life Insurance
- Superannuation Term Life Insurance (Super Term Life Insurance)
Optional Benefits
|
Feature |
Description |
Total & Permanent Disablement (TPD)
(optional extra cost)
|
Provides a lump sum benefit payable if the Insured Person is totally and permanently
disabled.
Please refer to the Suncorp Financial Protection Plan Product Disclosure Statement
("PDS") for the definition of totally and permanently disabled.(Total and Permanent
Disablement can also be taken as a Stand Alone product without Term Life Insurance). |
Death Cover Retention (DCR)
(optional extra cost)
|
Where TPD is attached to Yearly Renewable Term Life Insurance or Super Term Life
Insurance for an additional premium you can nominate to take out DCR. If the Insured
Person meets the conditions for TPD as specified in the PDS, Suncorp will pay the
TPD benefit without reducing the death Sum Insured. |
|
Trauma Insurance (Essential or Comprehensive) |
Pays a lump sum benefit if the Insured Person suffers and is diagnosed with any
of the listed diseases or medical conclusions and specified in the PDS. |
|
Future Insurability (no extra cost) |
Allows an increase in the insured benefit with no evidence of health. The increase
may be effected on the occurrence of selected Personal and Business events. (PLEASE
NOTE: Future Insurability is not available under Superannuation Term Life Insurance) |
Waiver of Premium (on Trauma)
(optional extra cost)
|
This benefit is available if you purchase Term Life Insurance and Trauma Insurance
as combined cover, or as stand alone insurance. Upon payment of the total sum insured
under your Trauma Insurance, the waiver of Premium Benefit will apply to your Term
Life Insurance (including Super Term Life Insurance), provided it is in force, at
the time the total Sum Insured benefit is paid under your Trauma Insurance. Premiums
will be waived in respect of Death Cover (and Total and Permanent Disablement, Death
Cover Retention and Future Insurability if applicable). |
|
Waiver of Premium (on TPD)
|
The Waiver of Premium option is available if you purchase Term Life Insurance and
TPD insurance as combined cover, or as separate Stand Alone policies. Upon payment
of the total TPD Sum Insured, the Waiver of Premium Benefit will apply to your Term
Life Insurance (including Super Term Life Insurance), provided it is in force at
the time the total Sum Insured Benefit is paid under your TPD Insurance. Premiums
will be waived in respect of Death cover (and the optional benefits of Trauma, Waiver
of Premium on Trauma and Future Insurability if applicable).
Where TPD Insurance has been added as an optional benefit to your Term Life Insurance,
your Death Cover Sum Insured will first be reduced by the amount of the TPD Insurance
paid before the Waiver of Premium Benefit applies. Please refer to the PDS for full
details |
Product Disclosure Statement
Term Life Insurance includes Superannuation Term Life Insurance and Yearly Renewable Term Life Insurance. Life Insurance products (except for Superannuation Term Life Insurance) are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 ('SLSL'). Superannuation Term Life Insurance is issued by Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 ('SPSL'). Life insurance is provided by SLSL. If you purchase Suncorp Superannuation Term Life Insurance, you become a member of the Suncorp Master Trust ABN 98 350 952 022 and become entitled to benefits under life insurance policies held by SPSL, as trustee of the Suncorp Master Trust. Please read the relevant Product Disclosure Statement before you make any decisions regarding any Life Insurance products. Contact us for a copy.
*Waiting Period restrictions apply. Refer to the Recovery Protect PDS (PDF, 109k) or the Financial Protection Plan PDS for more information.
