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.

No reviews yet. Write a review

$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!

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:

life insurance shield

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.

life insurance icon

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.

coverage icon

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
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.
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.
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.
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.

⭐ Current offer: Receive one month free when you apply for Life Insurance by 28 March 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Enjoy 5% off your premiums every year for the life of the policy when you take out a new AAMI Life insurance policy. Offer ends 8:59am (AEST) 2nd of April 2024. New customers only. T&Cs apply.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Enjoy 5% off your premiums every year for the life of the policy when you take out a new Suncorp Life insurance policy. Offer ends 8:59am (AEST) 2nd of April 2024. New customers only. T&Cs apply.
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.
loading

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products. Not available to those over 75 years old.

Sex
Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Go to site