CommInsure Insurance
As part of the Commonwealth Bank Group, CommInsure has established a leading position in the Australian life insurance industry through their competitive rates and comprehensive range of life insurance solutions.
CommInsure Company History
Officially launched under the CommInsure name in 1999, CommInsure has links in the Australian insurance industry dating back to 1873, the founding year of one of its constituent companies, Colonial Mutual Life Assurance Society, acquired by CommInsure in 2002.
CommInsure Claims Statistics
According to their latest available figures from 2010, CommInsure paid a total of $609 million in life and disability insurance claims, equating to over $11.7 million per week.
CommInsure Life Insurance Solutions
CommInsure provides an extensive range of life insurance products and services, including:
- Life Care – a term life insurance policy that pays a lump sum if you die or become terminally ill.
- Total and Permanent Disability Cover – provides a lump sum payment if you suffer a sickness or injury that renders you totally and permanently disabled.
- Trauma Insurance – pays a lump sum if you survive for 14 days after suffering from one of the specified critical illnesses (traumatic event) covered (these include stroke, heart attack, cancer or loss of limbs or sight). Trauma Insurance can be packaged with Life Care, Life Care and TPD Cover, TPD Cover, or as a stand-alone policy.
- Income Protection – provides regular payments to help you meet your financial commitments if you are unable to work due to sickness or injury.
CommInsure Loyalty Incentives
Select CommInsure policies offer the following loyalty benefits that can extend your cover for no extra cost, including:
- Life Care Financial Planning Benefit – If the lump sum Life Care benefit is paid, you will be reimbursed for the costs of receiving approved financial advice (up to $5,000).
- Life Care Loyalty Bonus Benefit – Any Life Care or Terminal Illness benefit will be increased by 5 per cent at no extra cost after Life Care has been in place for 5 years.
- Extra Life, TPD, Trauma or Child Cover at no extra cost: You can receive an extra 5 per cent cover after holding a Life, TPD, Trauma or Child Cover policy for 5 years or longer.
- Up to $100,000 extra accidental death cover at no extra cost – You can be rewarded with $50,000 worth of Accidental Death Cover without paying any extra after 3 years of holding an income protection or Business Overheads policy. For every year after the initial 3 years, your will receive an additional $10,000, up to a maximum of $100,000. Therefore, after 8 years you will have $100,000 worth of Accidental Death Cover at no extra cost.
CommInsure Life Insurance Industry Awards
In recent years CommInsure has been awarded with several local insurance industry accolades, including the:
- Plan For Life/AFA Life Company of the Year Award in 2007, 2009 and 2010
- Australia and New Zealand Institute of Insurance and Finance Life Insurance Company of the Year Award for 2005, 2007, 2010 and 2011
- Plan For Life/AFA Service Quality Award for 2009, 2010
- Trauma Insurance Award, Financial Review Smart investor Blue Ribbon Awards 2011
- Plan For Life/AFA Trauma Insurance Award for 2007, 2008 and 2009
- Asset Innovation Awards Risk Insurance Product of the Year 2009.
CommInsure in the News:
March 2012 - Australians facing underinsurance crisis - CommInsure Report
