
Get exclusive money-saving offers and guides
Straight to your inbox
CommInsure Life Insurance is a part of the Australian Commonwealth Bank Group and although the CommInsure name was not introduced into the Australian insurance world until 1999, its links with the Australian insurance industry stretch back over 100 years. Comminsure has grown to become one of the most respected life insurance brands in Australia with a range of insurance solutions for life cover, income protection, trauma cover and TPD.
$1,000,000
Maximum Cover
65
Maximum Entry Age
$1,000,000
Terminal Illness Benefit
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Product Name | Comminsure Life insurance |
---|---|
Maximum Cover | $1,000,000 |
Funeral Benefit | $15,000 |
Guaranteed Renewability | |
Online application | |
Cooling-off (days) | 30 |
Minimum and maximum cover amount | No set minimum or maximum sum insured. Your sum insured will be determined when you apply. |
---|---|
Age of entry | 16 - 71 |
How do I apply? | With an adviser over the phone |
Based on the Life Care plan. Age of entry will vary based on the numerous factors including the type of premium you select.
Pros | Cons |
---|---|
|
|
|
|
|
Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
CommInsure life insurance offers a wide range of benefits to policyholders, including:
An adviser can help you find cover from trusted life insurance brands.
From its inception CommInsure Life Insurance has gone from strength to strength in protecting the lifestyle of Australians by its ability to offer an extensive raft of straightforward, simple to understand, insurance solutions at affordable premiums. This has been achieved with a fresh approach to its task by insisting on delivering simplicity, innovation, competitive insurance policies and a responsive service.
Life Care is term insurance that will pay you or your beneficiaries a lump sum payment should you either die or become terminally ill. Besides you, or your beneficiaries receiving the lump sum payment, life Care will also provide you or your dependants with financial advice up to the value of $2,500. If the Life Care policy has been in force for at least five years the amount of cover will be increased by five percent in the event of any claim being made.
CommInsure Total and Permanent Disability Insurance goes a step further than just giving you insurance cover should you die or suffer a terminal illness. That is, should you suffer a total or permanent disability caused by a sickness or injury, you can arrange to have a lump sum payment paid to you that would allow you to provide for your family and pay your bills as you could have before suffering the mishap. Key Policy Features
A superannuation product that offers cover for death, critical illness and TPD. Applicants can take out cover through a Super fund which will enable them to pay for premiums through the superannuation that they accumulate. Key Benefits of the Comminsure Total Care Super Plan
Comminsure Total Care Plan Super Additional Options to Consider
There are many benefits of Comminsure Trauma Cover. Trauma is as injurious to a persons financial well being as is anything else, therefore if you were to survive for 14 days following the occurrence of a serious medical condition such as cancer, stroke or heart attack etc. you could be eligible to receive a lump sum payment. Trauma Cover Key Benefits and Features
Many people who have suffered from a sickness or injury that has prevented them from bringing in an income during such an occurrence have never been able to fully recover financially. Some have even lost their house during this time because of being unable to meet the mortgage repayments, let alone all the other bills that keep coming in. You can protect yourself from such a tragedy by taking out Comminsure Income Protection. Comminsure Offers Four Different Types of Income Protection To Policy Holders
Policy Features | Feature Description | Income Care | Income Care Plus | Income Care Super | Business Overheads Cover |
---|---|---|---|---|---|
Interim Accident Cover | Policyholder is covered if they suffer total disability while the Comminsure underwriting team is assessing their policy application. | ||||
Total Disability Benefit | Monthly benefit paid to the policyholder is they are unable to work due to serious illness or injury. | ||||
Partial Disability Benefit | Monthly benefit paid to policyholder if they are unable to work to their full capacity due to serious illness or injury. | ||||
Premium is Waived if Policyholder is on Claim | The policyholder will not have to pay their premium payments if they are under claim for certain benefits. | ||||
Benefit Indexation | The sum insured will automatically shift with inflation each year. | ||||
Reward Cover Benefit | Policyholder is rewarded for maintaining their income cover for a period of three years or more with free accidental death cover. | ||||
Recurrent Disablement | Waiting period does not begin again if the policyholder goes back to work and suffers the same sickness or injury resulting in a second claim. | ||||
Cover While Policyholder is Unemployed or on Leave | Cover will continue even if the policyholder is unemployed or on leave. | ||||
Rehabilitation Benefit | An additional benefit will be paid to help cover the costs of an approved rehabilitation program. | ||||
Rehabilitation Expenses Benefit | Benefit paid to help cover the costs associated with Rehabilitation | ||||
Specific Injuries Benefit | Set amount is paid to policy holder is if they suffer one of the listed conditions. | ||||
Crisis Benefit | Will pay a benefit for a period of up to six months if the policyholder suffers a listed medical crisis event. | ||||
Accommodation Benefit | Benefit paid to help cover the cost of accommodating a family member who has more than a defined distance to stay with the policyholder while they are totally disabled and confined to a bed. | ||||
Family Support Benefit | Will help cover reduction in family members income as a result of them having to look after you. | ||||
Home Care Benefit | Benefit paid to help cover the costs of having a professional housekeeper while under claim. | ||||
Bed Confinement Benefit | Benefit paid to help cover the cost of having a professional nurse care for you while under claim. | ||||
Transportation Benefit | Will help cover the cost for emergency transport of policyholder to a hospital within Australia | ||||
Overseas Assist Benefit | Benefit paid to help cover the costs of returning policyholder to Australia if they are totally disabled for a specified period of time while overseas. | ||||
Death Benefit | Lump sum paid if policyholder dies while they are entitled to claim benefits. | ||||
Business Overheads Cover Benefit | Policyholder will be reimbursed for the fixed operating business costs. | ||||
Worldwide Cover | Policyholder is covered 24 hours a day anywhere in the world. | ||||
Unemployment Cover Benefit | Benefit paid to help cover minimum monthly loan repayments for a period of up to three months on all Comminsure loans. | ||||
Flexibility to Reduce Waiting Periods | Policyholder can reduce waiting period under certain events for specified periods without having to provide further medical evidence. | ||||
Waiver of Premium if on Maternity Leave | Premiums waived for a period of up to three months if the policyholder goes on maternity leave. | ||||
Waiver of Premium if Unemployed | Premiums waived for up to three months if the policyholder becomes involuntarily unemployed. | ||||
Waiver of Waiting Period for Specific Conditions | Benefits will be paid during waiting period if the policyholder suffers specified conditions. | ||||
Medical Professionals Benefit | Lump Sum payment paid if policyholder acquires HIV, Hepatitis B or Hepatitis C and are henceforth unable to practise exposure prone procedures in their profession. | ||||
Guaranteed Insurability Option | Policyholder can increase cover amount by up to 10% every three years without having to provide further medical evidence. | ||||
Essential Cover Option | Provides cover for accidents only at a discounted premium rate. |
Additional Benefits Available on Comminsure Income Protection Plans
Option | Description | Income Care | Income Care Plus | Income Care Super | Business Overheads Cover |
---|---|---|---|---|---|
Increasing Claim Option | Benefits will increase yearly to keep pace with inflation. | ||||
Accident Option | A benefit will be paid the policy holder is totally disabled during the waiting period due to a serious accident. | ||||
Super Continuation Option | Policyholder is able to make regular contributions to their superannuation fund. | ||||
Premium Saver Option | Policyholder can receive a discount to their premium payments if there are some limits to their cover. | ||||
Cash Back Option | Portion of premium will be paid back to policyholder when their policy ends if a claim has not been made. | ||||
Permanent Disablement Cover Option | Policyholder can receive a lump sum benefit if they are to suffer a total and permanent disablement. | ||||
Total and Temporary Disability Cover | Premium discount provided if TPD benefits are waived. |
Comminsure Business Overheads Insurance will ensure your business does not experience financial hardship in the event of serious illness or injury. Key Features and Benefits on Comminsure Business Overheads Protection
Optional Benefits Available on Comminsure Business Overheads Offer
The most basic of all insurance cover is the protection of your loved ones if you should die or be stricken with contracting a terminal illness. CommInsure Life Insurance provides a lump sum payment in the event of such events occurring. With such cover you can rest assured that should the worst occur at least your family’s financial situation will not add further strain to an already stressful situation. All people who have others dependent on them should protect those against your loss should you be unable to contribute any further to their financial well being. Especially if you will leave debts behind, such as a mortgage. Life and income insurance is not as expensive as many would have you believe. Actually for most people such protection is obtainable for less than the price of a cup of tea or coffee a day. This is certainly a little price to pay in order to safeguard your family against financial hardship if tragedy should strike.
Plan | Entry age* |
---|---|
Life Cover | Between 18 and 65 |
Income Protection | Between 18 and 59 |
TPD | Between 18 and 59 |
Trauma Insurance | Between 18 and 59 |
Business Overheads | Between 18 and 61 |
*Varies with the type of premium you choose and other factors e.g. your occupation group. Always consult the Product Disclosure Statement (PDS).
CommInsure is part of Commonwealth Bank Group, a leading provider of integrated financial services throughout Australia. Best known for its banking products and services, the Group has $971,719 million in assets as of 31 December 2016.
As one of Australia’s largest life insurers, CommInsure is a registered business name of the Colonial Mutual Life Assurance Society Limited and Commonwealth Insurance Limited. Life Cover, Total and Permanent Disability Cover and Critical Illness Cover are issued and insured by The Colonial Mutual Life Assurance Society Limited, while the issuer and insurer for Bill Protection is Commonwealth Insurance Limited.
With Comminsure, you can now bundle your life insurance policy both inside and outside of super across two separate policies, providing greater benefits for you with savings on your premiums and policy fees. Known as Flexi-Linking, you have the option to hold your life cover inside super and link that policy with trauma and/or total and permanent disability (TPD) riders outside of super. The flexible linking structure enables you to choose different areas in your policy that you would like your super fund to cover or be paid by you directly, especially if you are cautious of your cashflow. You can benefit from more affordable cover as premiums on riders are generally 15-20% cheaper than standalone policies (Risk Info, 2013). Taking effect since August 18th, 2013, you can opt for Comminsure Life Care as your primary policy through Total Care Plan Super or Total Care Plan via SMSF and add the flexi-linked riders that you may require.
CommInsure life insurance premiums are paid monthly, and your monthly premium amount is shown in your policy schedule. When you apply for cover, you can nominate the credit card you would like to use to pay for cover and you and the insurer will agree upon the date at which your first premium will be paid.
There are a number of factors that have an influence on the amount you pay for life insurance, including:
Your monthly premium for your CommInsure cover is shown in your policy schedule. This amount includes the stamp duty and policy fee that applies to your cover.
Finally, because your age affects your premium, your premium amount will usually increase at each policy anniversary. You’ll be sent an annual notice before each policy anniversary which will outline your new premium.
If you need to make a claim on your CommInsure life insurance policy, it’s vital that you or your representative contact CommInsure by phone as soon as possible following the claim event. If you happen to be overseas, you may need to return home to Australia at your own expense in order for the claim to be properly assessed.
When you contact CommInsure and provide your policy information and some information about the claim event, you will then be sent some claims forms. You will need to complete and return these to the insurer along with any supporting evidence or documentation requested by CommInsure.
For example, you may need medical evidence for a Life Cover, TPD or Critical Illness claim, while if you make an Income Protection claim you may need a statement from your employer or proof of registration with Centrelink. You may also need to undergo additional medical examinations as part of the claims assessment process.
Just as with any other type of life insurance, there are certain situations and circumstances where your CommInsure claim won’t be paid, such as if:
Other specific exclusions apply to different Life Insurance policies. For example:
Read the PDS for more information on the general exclusions that apply to your policy.
CommInsure Life Insurance is continuing a proud history in providing personal insurance products to the Australian public. Comminsures competitive product range with comprehensive benefits and options allows their products to be tailored to a great range of customers needs. Tragedy can strike at any moment to anybody but you can prevent the financial devastation from spreading if you take action to protect yourself and your loved ones now.