Commonwealth Bank Simple Life Critical Illness Cover

Information verified correct on October 1st, 2016

Receive up to $200,000 in critical illness cover with Commonwealth Bank

A serious illness such as cancer, can strike anyone at anytime. Critical illness insurance policies are there to alleviate the financial burdens placed on families in times of hardship by paying a lump sum should you become seriously totally incapacitated or ill. Commonwealth Bank critical illness cover will provide a benefit payment up to $200,000 if you suffer a critical illness such as cancer, stroke or major heart problems.This benefit can be used to cover any out of pocket expenses you may face so you can focus on your recovery.

This review will provide an overview of what the policy will and won't cover and how you can apply.

What does the policy cover?

Having critical illness cover under the Commonwealth Bank Simple Life Cover plan, can help you and your family manage the financial pressure which come with sudden illness or disease. Your Commonwealth Bank critical illness insurance will provide you with:

    • A lump sum benefit payment. If you are diagnosed with or suffer a critical illness and survive 30 days after the diagnosis or event, you can claim for a lump sum critical illness benefit. Your lump sum benefit payout means that you can use the insurance money for whatever you need most, whether that is household bills which have been piling up in the ensuing chaos, or medical bills or ongoing treatments.
    • One benefit payout. The amount of critical illness benefit you are entitled to will be listed on your policy schedule. The benefit is paid only once.

Critical illness definition. An eligible critical illness under your Commonwealth Bank Simple Life plan is defined as being certified by a medical practitioner, as having met one of the four medical conditions: cancer, coronary artery disease requiring bypass surgery, heart attack, or stroke.

  • Cooling off period. After your application for critical illness cover has been submitted to Commonwealth Bank, you have one calendar month to change your mind. If you choose to cancel your policy during the cooling off period you will receive a full refund of any premiums you’ve already paid, as long as a claim has not been made on the policy.
  • Monthly premiums. You can pay your premiums via credit card or direct debit each month, where the amount is paid for the month in advance, to keep your cover current. Your cover will continue to be renewed each year, as long as you continue to pay your premiums.

What isn't covered?

There are some instances where you will not be eligible to claim for a critical illness benefit on your Commonwealth Bank Simple Life plan. For example, Commonwealth Bank Insurance will not pay if your critical illness is the direct or indirect result of:

  • A pre-existing condition
  • Self inflicted injury, attempted suicide or suicide
  • War, whether declared or not
  • Substance use or dependence including alcohol, drugs, chemical or improper use of medication
  • Your participation in illegal activity
  • You having lived outside of Australia for more than 12 consecutive months
  • Working in hazardous conditions.

You will also not be eligible to claim if you die within 30 days of being diagnosed or suffering a critical illness, or if you make a claim during the no claim period. Your critical illness cover with Commonwealth Bank will come to an end if:

  • A critical illness benefit is paid
  • You remove critical illness cover from your Commonwealth Bank Simple Life Cover
  • You cancel the policy
  • Commonwealth Bank cancels the policy.

How much will it cost me?

There are a number of factors that are taken into account when calculating your Simple Life Critical Illness insurance premium. These include:

  • The level of cover you choose: In most cases, the higher your level of cover, the more expensive your premiums will be. In addition, adding optional covers to your policy will also raise costs.
  • How old you are: It’s a sad fact of life that you are more likely to suffer health problems as you get older. As a result, you pose more risk to an insurer and you can expect your premiums to rise in line with your age.
  • Your gender: Certain conditions affect men and women differently and more or less often. This can obviously impact on your policy premium.
  • Your lifestyle: How many alcoholic drinks do you have a week? Are you a smoker? What sort of recreational pursuits and activities do you engage in? These can all be factors that increase your premium.
  • Your occupation: Certain jobs expose you to risky or hazardous situations on a regular basis, which can increase the likelihood of you needing to make a claim.

Who can apply?

You can apply for a Simple Life plan with critical illness cover from Commonwealth Bank:

      • If you are an Australian resident
      • If you are 18 to 50 years old
      • If you are applying from within Australia.

To apply you simply need to provide your age, gender and smoking status. The more truthful and accurate you are on your application, the better able a Commonwealth Bank team member will be to match you to the right level of critical illness cover.

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