In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Your reviews
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CommBank Life Insurance Review

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CommBank Life insurance

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

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Maximum Cover
$1,000,000
Maximum Entry Age
65
Terminal Illness Benefit
$1,000,000

Our verdict

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.

  • 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.

In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Your reviews

Details

Key Details

Product Name CommBank 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

Eligibility

Minimum Entry Age 18
Maximum Entry Age 65
Expiry Age 75
Medical Exam

Add-ons

TPD Option
Child Benefit Option
Trauma Option

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.
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.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs 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.
RACWA 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. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
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 needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 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: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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.
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.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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