Commonwealth Bank Simple Life Cover

Read on to learn the real benefits of Life Insurance with Commonwealth Bank.

When you are trying to decide on the right policy, it is important to consider all of the things you currently spend money on, no matter how small. This will help you to get a better idea of how much you will need to insure yourself for in order to make sure your family is able to continue to live how you're all accustomed.

A Commonwealth Bank Simple Life Insurance policy can look after you and your family with:

  • A death benefit. If you die, Commonwealth Bank life insurance will pay a lump sum benefit from $100,000 to $1 million to your estate or your legal representative. This money can be used by your family in any way they need it, whether that is to pay off the mortgage and secure the family home, cover day to day living costs, or make an investment for future education costs.
  • A terminal illness benefit. If you become terminally ill you can also make a claim on your Commonwealth Bank Simple Life Insurance and receive the full benefit amount paid to you. Terminal illness is defined as an illness or injury that is determined by a medical practitioner to leave you with less than 12 months to live. The benefit on your Commonwealth Bank Simple Life Insurance policy is only paid once, so if you claim for terminal illness, your family cannot claim again when you die. Instead, you can your family can use the benefit paid at terminal illness for medical expenses or other incidental costs that come with a medical condition.

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More benefits worth considering

  • Easy application. You can apply for Life Cover with Commonwealth Bank if you are an Australian resident aged between 18 to 50 years and are applying from within Australia. The application process is simple and you can apply online, over the phone or at a branch. All you have to do is answer a few questions that are applicable to the type of cover you plan on receiving. For example, if you are applying for bill protection insurance, you’ll need to provide details of your occupation and employment.
  • Tailor your cover. Simple Life Cover is available as individual cover or as an additional extra for more comprehensive insurance plans from Commonwealth Bank. Ensure you answer all questions accurately and truthfully when filling out your application form, this allows the Commonwealth Bank to recommend the best type and level of cover for your needs, and your plans for the future.
  • Pre-existing conditions. If you suffer from a pre-existing health condition, this doesn’t mean you can’t get cover with Commonwealth Bank but claims that are the result of this pre-existing condition are excluded from the policy.
  • Individual cover. Under your Commonwealth Bank Simple Life policy you are the policy owner and the insured person. This means that any benefits you are eligible to claim will be paid to you, or to your legal representative or estate in the event of your death.
  • Cooling off period. If you are worried about whether a Commonwealth Bank Simple Life Cover policy is right for you, you don’t have to make that decision right away. You can complete your application and review all of your policy documents. If within one calendar month you change your mind, you can cancel the policy and receive a refund of any premiums you’ve already paid.
  • Monthly payments. The premiums for your Commonwealth Bank life insurance will be deducted in advance each month from the time your policy is approved, from your credit card, or via direct debit. This means you can remain covered without having to remember to make a payment. Your premiums will increase each year. With every policy anniversary you will be assessed as to the level of cover you need.
  • Continuous cover. As you get older your lifestyle factors will change. However, Commonwealth Bank will continue to renew your life cover, total and permanent disability cover and your critical illness cover as long as you keep your premiums current, regardless of changes in your lifestyle.
  • When your cover ends. While your cover will be renewed each year to ensure you remain protected, your cover will end if:
    • You cancel your policy
    • Commonwealth Bank cancels the policy
    • You die
    • A death or terminal illness benefit is paid
    • You turn 65 years old.
  • Update your cover. As you go through life, your life insurance needs change. When you are starting out your mortgage is larger, your kids are small and you are establishing your career, which means that you need to have enough insurance to protect your family's future. But as you grow older the amount of cover you need will diminish, so remember to update your policy otherwise you may end up paying for cover you don’t need.

What won't the policy cover?

There are some instances where you will not be eligible to receive a death benefit or terminal illness benefit under your Commonwealth Bank life insurance policy. These include where your death or terminal illness is the direct or indirect result of:

  • A preexisting condition
  • Suicide or attempted suicide, whether sane or not
  • Self-inflicted harm, whether sane or not
  • War, whether declared or not
  • Substance use or dependence, including alcohol, drugs, chemicals or the improper use of medications
  • Illegal activities
  • Working in hazardous conditions.

You are also ineligible to claim a death or terminal illness benefit from Commonwealth Bank Simple Life Cover if you have been living outside of Australia for more than 12 consecutive months.

Your Commonwealth Bank Simple Life Insurance policy cover will end if:

  • A benefit is paid
  • You remove life cover from your Simple Life Cover policy
  • You cancel your policy
  • Commonwealth Bank cancels your policy, for example if you stop paying your premiums.

Who can apply?

Your life is one of the most important things you can insure, to protect the future and financial stability of your family and loved ones. Therefore, Commonwealth Bank makes it easy to be covered, and to apply:

  • You must be 18 to 50 years old
  • You must be an Australian resident and applying for life insurance from within Australia
  • You must provide your age, gender and smoking status
  • You have a 30 day cooling off period to change your mind about your cover while still receiving a refund of premiums paid.

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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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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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