CommBank Life Insurance Review

CommBank life insurance could be good if you don’t need more than $1 million in death cover but it's only open to its bank customers.

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$1,000,000

Maximum Cover

65

Maximum Entry Age

$1,000,000

Terminal Illness Benefit

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Details

Product NameCommBank Life insurance
Maximum Cover $1,000,000
Terminal Illness Benefit$1,000,000
Funeral Benefit $15,000
Guaranteed Renewability
Cooling-off (days)30
Online Quote

CommBank life insurance: Our verdict

  • This provider has a claims acceptance rate of for death cover, which is higher than average (90%).
  • It's policies are provided by AIA Australia so you can get access to AIA Vitality.

  • CommBank's $15,000 funeral advancement is probably enough for most but brands such as Qantas and TAL offer $10,000 more.
  • With CommBank, you get death benefit cover up to $1,000,000. This is a fairly standard amount, but insurers such as ahm, Suncorp and NobleOak all offer between $500,000 and $14,000,000 more.

Read a more detailed review on:

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Life Insurance

Key points of CommBank Life Insurance

  • Death Benefit: A lump sum benefit will be paid to policyholders/their beneficiaries in the event of the policyholders death.
  • Terminal Illness Benefit: An advance payment of the Life Insurance benefit will be paid if the policyholder is diagnosed with a terminal illness.
  • Indexation Benefit: Cover amount will increase each year in line with inflation.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Optional cover

Key points of CommBank optional cover

When you take out a Life insurance policy, you also have the option to add on the following:

  • TPD Benefit Payment: Pays a lump sum to the policyholder if they are to become totally disabled as a result of serious illness or injury.
  • Trauma Benefit: Lump sum benefit paid if policyholder suffers a specified medical condition.
  • Income Protection: Protects your income in the event that you're unable to work due to an accident or illness.
  • Benefit Indexation: Cover is increased each year in line with movements in inflation.

    Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Applying for cover

Applying for CommBank cover

  • Be an Australian citizen, permanent resident or New Zealand citizen.
  • Must be between 18 and 65 to apply for Life Insurance
  • Be 18 to 59 for Income Protection, TPD and Trauma Insurance
  • Must work at least 20 hours per week (excludes heavy manual occupations) for Income Protection cover.
  • Be a Commonwealth Bank customer living permanently in Australia. You can get a quote online through NetBank.

Still wondering if CommBank is right for you? Here are the main pros and cons summarised:

Pros

  • It gives you access to AIA vitality.
  • It has a higher than average claims acceptance rate.
  • It's convenient if you're a CommBank customer.

Cons

  • It's only available to CommBank customers.
  • It's possible to get a higher life insurance benefit elsewhere.

How do I make a CommBank life insurance claim?

If you need to make a claim on your CommBank life insurance policy, it's vital that you or your representative contact CommBank 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.

To make a claim contact CommBank by phone on 1800 491 588 or email: claims@lifeinsurancebyaia.com. You can mail your completed claim form to: Claims Team, AIA Australia Customer Service PO Box 6143, Melbourne VIC 3004

What are some of the key exclusions of CommBank life insurance?

Just as with any other type of life insurance, there are certain situations and circumstances where your CommBank claim won't be paid, such as if:

  • Death resulting from suicide or a deliberately self-inflicted injury or sickness in the first 13 months of taking out the policy
  • Disability caused or worsened by any deliberately self-inflicted injury or sickness, including attempted suicide.
  • Any criminal activity or any unlawful act or whilst imprisoned.
  • War, riots or civil commotion.
  • A trauma event suffered within the first 90 days of taking out or reinstating your policy.
  • Any death, injury or sickness due to duties of your occupation:

Read the PDS for more information on the general exclusions that apply to your policy.

Compare other direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
RAC Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.

Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
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