Commonwealth Bank Bill Protection Insurance

Receive up to $5,000 to cover your bills if disabled or involuntary unemployed with Bill Protection cover from Commonwealth Bank.

Bill protection insurance provides policyholders with a monthly stipend to help them keep up with their regular outgoings. If you were unable to work because of an illness or injury, income protection will provide temporary cover to help you maintain your daily living expenses while you are recovering.

The Bill Protection policy from Commonwealth Bank will provide a benefit up to $5,000 if you can't work due to disability or involuntary unemployment. It's a smart option of you need to cover any short-term expenses such as household bills or rent.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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What does the policy cover?

  • A disability benefit. If you are unable to work because of a disability, Commonwealth Bank bill protection insurance pays you a short term benefit to help you keep your finances under control, so you can focus on your recovery.
  • An unemployment benefit. If you are involuntarily unemployed you can also claim a benefit under your Commonwealth Bank Bill Protection. This helps you remain in control of your life and your budget while you look for a new job and get your career back on track.
  • Employment eligibility. To be eligible for Bill Protection insurance benefits from Commonwealth Bank, you must be employed, where your insurer defined that as: working in an eligible type of employment, performing or capable of performing duties for that role, and working on a full time basis of 20 hours per week. You are not eligible for cover if you are casual or self employed, or you have been working in a position for less than 180 consecutive days.
  • Disablement terms. You will be eligible for a short term disability benefit if you have been disabled for at least 30 consecutive days, and you remain disabled after this waiting period. You may be disabled due to illness or injury, defined as being unable to return to work, as certified by a medical practitioner.

What won't be covered?

While bill protection is there to help policyholders in instances where they are unable to work, there is certain criteria that they must satisfy.

Commonwealth Bank Simple Life Bill Protection will not pay a benefit for claims arising, directly or indirectly, from:

  • A preexisting condition. A preexisting condition as outlined in the PDS means that Simple Life will not payout a benefit if it becomes apparent that your partial or permanent disablement, critical or terminal illness, or death was in anyway the result of medical condition, injury, illness or symptoms related to any ailments:
  • of which you were already aware of before the policy began
  • of which you had already sought or planned on seeking medical help for treatment
  • of which any reasonable person would have sought medical help during the five years prior to the start of the cover.
  • Suicide. Simple Life will not provide a benefit if the claim is brought about as the result of a self-inflicted injury, attempted suicide or suicide, whether you are declared to be sane or not.
  • War. Simple Life will not cover you in the event that the claim is made as the direct result of war, whether declared or not.
  • Substance Abuse. Your policy will not cover you for claims that arise due to substance dependency or use. Substances are classified as:
  • Chemicals
  • Drugs
  • Alcohol
  • Improper use of prescribed medication.

(This also means that you will not be covered in situations where substance dependency or use or improper use of medication was a contributing factor to the claim.)

  • Illegal Activity. Simple Life policy do not provide benefits if your claim comes as a result of illegal activity.
  • Living Abroad. If you have spent more than 12 months in a row living overseas, you will not be eligible to receive benefits from you Simple Life policy.
  • Hazardous Condition. Hazardous working conditions will not be covered by you Simple Life policy. This includes:
  • Working in a profession where you will be 15 metres outside of a building or 15 metres above a building that is currently under construction. The professions include construction workers, window washers, tree loppers and pilots
  • Below the earths surface, which includes underwater, underground or outside of a building that is currently under construction. These professions include drivers, construction workers and miners
  • Are expected to work with and/or handle explosives or firearms. Professions include armed security guards and police officers
  • Offshore workers are not covered. This includes commercial fishermen, gas ships or platforms and working on offshore oil rigs.

Who can apply?

You can apply for Bill Protection as part of the Simple Life insurance plans from Commonwealth Bank if you are:

    • An Australian resident
    • Applying from within Australia
    • Between 18 and 50 years old.

You can apply online or over the phone for a fast and easy application and approvals process, or you can visit a Commonwealth Bank branch to discuss your life insurance needs. You will be asked health and lifestyle questions in your application, such as your smoking status, and you will also be asked to define your occupation class for your bill protection eligibility.

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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