Commonwealth Bank TPD Insurance

Receive Up to $500,000 with Commonwealth Simple Life Cover TPD Insurance

With Simple Life TPD Insurance from Commonwealth Bank, you will be paid a lump-sum benefit from $100,000 to $500,000 if you suffer permanent disablement as defined by Commonwealth Bank. This benefit can be used to cover any loss of income and immediate and ongoing medical treatment and lifestyle changes.

This review will explore the policies main features and when a benefit will/won't be paid.

What does it cover?

Having TPD insurance can help ensure that if you do suffer a total and permanent disability, you still have the ability to financially provide for your family. TPD insurance from Commonwealth Bank covers you for a range of injuries and illnesses that result in an inability to work in your normal occupation, or in any occupation. For example, with Commonwealth Bank TPD insurance, you will be protected with:

  • A lump sum benefit payment. If you suffer an eligible total and permanent disability as certified by a medical practitioner, your Commonwealth Bank insurance can pay you a lump sum benefit amount. This means you can use the money in the way you need it most at the time, rather than having to wait on an income from your insurance. You can choose a benefit payment between $100,000 to $500,000 in $25,000 increments.

How does Commonwealth Bank define disability?

To be eligible for a benefit from your Commonwealth Bank TPD insurance, total and permanent disability can be defined in a number of ways. For example, the loss of function definition includes the complete and irrecoverable loss of the use of function, due to illness or injury, of:

  • Two or more of the following:
    • A hand, meaning the whole hand below the wrist
    • A foot, meaning the whole foot below the ankle
    • Loss of sight in one eye
  • The loss of hearing in both ears, where loss is complete and irrecoverable as defined by a medical practitioner, and you are ineligible for a benefit under this definition if your hearing has been restored through natural or assisted means, except for the implant in the cochlea.

Loss of independent existence is defined as your permanent and irreversible inability to perform any two of the following activities without assistance, as the result of an injury or illness:

  • Feeding. Getting food and drink to your mouth
  • Mobility. Getting in and out of a bed or chair
  • Washing. To bathe and shower yourself
  • Dressing. The ability to dress and undress
  • Continence. To have good control of your bowel and bladder functions.

You can also claim if you are unable to work due to illness or injury, which is defined as:

  • Unable to work in any capacity. Injury or illness has resulted in you being unable to work in any capacity of paid or unpaid work, for at least six consecutive months.
  • Unable to ever again perform your occupation. Based on medical evidence, you are unable to ever again perform any occupation for which you are reasonably qualified through training or experience.
  • Eligible employment. You must have been employed for at least 180 consecutive days before you became permanently unable to meet these criteria. You cannot be employed and performing home duties at the same time.

You can receive a TPD benefit under the home duties benefit if illness or injury results in physical incapacity defined as:

  • Your inability to perform home duties for at least six consecutive months
  • Based on medical evidence you will be unable to perform home duties ever again
  • You have been performing home duties before you became permanently disabled
  • You cannot be employed and performing home duties at the same time.

When won't a benefit be paid?

Your Commonwealth Bank TPD insurance will not pay a benefit if your disablement is the direct or indirect result of:

    • A pre-existing condition
    • Attempted suicide, whether you are sane or not
    • Self inflicted injury, whether you are sane or not
    • A war, whether declared or not
    • Substance use or dependency, including drugs, alcohol, chemical or the improper use of medication
    • Your participation in an illegal activity
    • Living outside of Australia for more than 12 consecutive months
    • Working hazardous conditions.

You will stop being covered by Commonwealth Bank TPD insurance when one of the following occurs:

      • Commonwealth Bank pays a benefit on your TPD cover
      • You remove TPD cover from your Commonwealth Bank policy
      • You cancel your TPD policy with Commonwealth Bank
      • Commonwealth Bank cancels your TPD policy when you have not paid your premiums.

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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 finder.com.au 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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