CommBank income protection comes with AIA Vitality (AIA issue the policy), making it one of the only income insurance policies to give you access to the health and wellbeing program.
It's helpful if you're a CommBank member — you can access your policy in the app.
Its $10,000 a month maximum benefit limit is probably enough for most, but a handful of policies such as RAC, Aspect and NobleOak offer more.
With CommBank Income Protection, you can choose up to three different levels of protection and customise your insurance to closely meet your financial needs if you can't work due to serious illness or injury. You can choose the level of protection, waiting period, benefit period and portion of income to insure so you can get protection that meets your cover requirements and budget.
Australian citizen or permanent resident, or New Zealand citizen
How do I apply?
With an adviser over the phone
Pros
Cons
Includes a wide range of additional features and options
Options are more limited with high risk occupations
It can freeze your premium payments if you become involuntarily unemployed or go on parental leave
Choosing more optional extras may raise premiums
Its 93.60% claims acceptance rate is lower than the industry average (APRA) average claim time.
Information last checked on December 2021. Always consult the Product Disclosure Statement (PDS).
This cover might be suitable if:
You'd like the help of an adviser to match the right level of cover with your situation.
You want income protection for both when you are completely out of work and for when you can return in a limited capacity.
You are after additional benefits that make your cover stronger.
You are after something cheaper - our research suggests CommBank is at the lower end in terms of price for a 35 year old male.
Don't get this cover if:
You don't want to use an adviser
You have been made redundant or are unemployed
Based on CommBank Protection Income Protection Insurance. Information last checked on December 2021. Always consult the Product Disclosure Statement (PDS).
Total Disability Benefit. Provides a monthly benefit if you can't work due to a disability.
Recurrent Disability Benefit. Provides continuation of payment if you become totally disabled within six months of the last benefit payment. You don't have to serve a further waiting period. You will have to serve a waiting period for total disability recurring more than six months after the last benefit payment.
Death Benefit. This provides a lump sum payment of three times the lesser of the monthly sum insured and 70% of your monthly pre-disability income.
Some of the features of CommBank income protection
Other built-in features of CommBank Income Protection include
No premium payments while receiving Total or Partial Disability benefits.
No premium payments for up to 12 months if you become involuntarily unemployed or go on parental leave.
No waiting period to receive a Total or Partial Disability benefit if you are suffering from a specified medical condition.
You can choose to include benefit indexation which automatically increases your monthly Sum Insured to keep up with inflation. Benefit indexation can help reduce the risk of inflation eroding your benefit.
Exclusions to be aware of
No cover for involuntary unemployment or parental leave commencing within 12 months of taking out the policy.
No cover for involuntary unemployment
Caused by you engaging in any criminal activity or any unlawful act whilst imprisoned
As a result of you becoming unemployed whilst working outside the borders of Australia
In respect of any event or circumstance arising prior to or within 90 days,
As a result of you becoming involuntarily unemployed from a company or business owned in full or in part by your partner Or relative
As a result of you ending work under a fixed term contract
As a result of your misconduct
As a result of your unsatisfactory performance or for breaching any of the terms of the employment contract
As a result of any medical condition
No cover for a deliberately self-inflicted injury or sickness, including suicide and attempted suicide.
No cover caused by you engaging in any criminal activity or any unlawful act
No cover caused by war, riots or civil commotion.
No cover resulting from a normal pregnancy, uncomplicated childbirth or miscarriage.
No cover for engaging in the certain activities in the course of your occupation, including working 10 metres above ground, working underground, working as a professional sportsperson or working offshore.
Am I eligible for CommBank Income Protection?
To apply, you must be:
A Commonwealth Bank customer living permanently in Australia
An Australian citizen, permanent resident or New Zealand citizen
Aged 18 to 59
Permanently employed or self-employed (spending no more than 20% of your working hours at your place of residence)
Working for at least 20 hours per week and generally not performing heavy manual work
Looking to receive a quote for Commonwealth Bank Income Protection?
If you are interested in receiving a quote for CommBank Income Protection or just want to find out more, you can make a secure enquiry via the form located above. A consultant will provide you with a quote for cover and explain any of the features you are not sure of. Once you have found suitable cover, they will assist you through the application process.
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
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Gary Ross has written 729 Finder guides across topics including:
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