Life Insurance
Illnesses Covered
Accidents Covered
Terminal Illness Benefit
Funeral Advancement
Child Cover
Standard Exclusions
Expiry Age
Illnesses Covered
tick
Accidents Covered
tick
Terminal Illness Benefit
tick
Up to sum insured
Funeral Advancement
tick
100% up to $30,000
Child Cover
dollar
Option at additional cost
Standard Exclusions
Suicide within the first year
Expiry Age
98
Illnesses Covered
tick
Accidents Covered
tick
Terminal Illness Benefit
tick
Up to sum insured
Funeral Advancement
tick
100% up to $30,000
Child Cover
dollar
Option at additional cost
Standard Exclusions
Suicide within the first year
Expiry Age
98
TPD Insurance
Accidents Covered
Illnesses Covered
Partial Benefit Payable for the Loss of One Limb or One Eye
Life Insurance Buy Back
Minimum Qualification Period
Standard Exclusions
Guaranteed Renewal Age
Expiry Age
Accidents Covered
tick
Illnesses Covered
tick
Partial Benefit Payable for the Loss of One Limb or One Eye
cross
Life Insurance Buy Back
tick
Free when TPD is linked to Life Insurance
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted act, attempted suicide or disqualification, derigistration, & banning.
Guaranteed Renewal Age
64
Expiry Age
98
Accidents Covered
tick
Illnesses Covered
tick
Partial Benefit Payable for the Loss of One Limb or One Eye
cross
Life Insurance Buy Back
tick
Free when TPD is linked to Life Insurance
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted act, attempted suicide or disqualification, derigistration, & banning.
Guaranteed Renewal Age
64
Expiry Age
98
Trauma Insurance
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
Trauma Reinstatement
Is this a Basic, Standard or Plus Policy
Qualifying Period
Standard Exclusions
Guaranteed Renewable Age
Expiry Age
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
tick
Free when Trauma is linked to Life Insurance
Trauma Reinstatement
tick
Free built in feature
Is this a Basic, Standard or Plus Policy
Standard
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
69
Expiry Age
79
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
tick
Free when Trauma is linked to Life Insurance
Trauma Reinstatement
tick
Free built in feature
Is this a Basic, Standard or Plus Policy
Plus
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
69
Expiry Age
79
Income Protection
Sicknesses Covered
Accidents Covered
Own Occupation Disablement Definition
Pre-Claims Earnings Calculation Period
Specified Injury Benefit
Trauma Insurance Benefit
Needle Stick Cover
Standard Exclusions
Sicknesses Covered
tick
Accidents Covered
tick
Own Occupation Disablement Definition
tick
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Specified Injury Benefit
cross
Trauma Insurance Benefit
cross
Needle Stick Cover
tick
Lesser of $100,000 and 6 x your monthly benefit
Standard Exclusions
Intentional self-inflicted act, attempted suicide, an act of war, uncomplicated pregnancy or childbirth, elective or donor transplant surgery within 6 months of policy commencement or disqualification, deregistration or banning.
Sicknesses Covered
tick
Accidents Covered
tick
Own Occupation Disablement Definition
tick
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Specified Injury Benefit
cross
Trauma Insurance Benefit
cross
Needle Stick Cover
tick
Lesser of $100,000 and 6 x your monthly benefit
Standard Exclusions
Intentional self-inflicted act, attempted suicide, an act of war, uncomplicated pregnancy or childbirth, elective or donor transplant surgery within 6 months of policy commencement or disqualification, deregistration or banning.
General
Worldwide Cover
Interim Cover
Cooling off Period
Annual Discount
Multiple Lives Discount
Multiple Cover Discount
Health Rewards Program
Premium Freeze
Standard Exclusions
Worldwide Cover
tick
Interim Cover
tick
Cooling off Period
28 Days
Annual Discount
tick
Multiple Lives Discount
cross
Multiple Cover Discount
tick
Included in displayed price (if applies)
Health Rewards Program
cross
Premium Freeze
cross
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.
Worldwide Cover
tick
Interim Cover
tick
Cooling off Period
28 Days
Annual Discount
tick
Multiple Lives Discount
cross
Multiple Cover Discount
tick
Included in displayed price (if applies)
Health Rewards Program
cross
Premium Freeze
cross
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.
Value for Money
4.3
Features & Benefits
3.9
Customer Service
4.6
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About CommInsure

CommInsure is the insurance arm of the Commonwealth Bank Group (CBA) and offers a range of life insurance and personal investment products.

For over 140 years, CommInsure has protected the lifestyles of millions of Australians through innovative and competitive life insurance and income protection products . As one of Australia’s leading life insurers, CommInsure aims to provide more Australians with cover by improving the accessibility and availability of personal risk insurance.

Headquartered in Sydney, CommInsure is a registered business of The Colonial Mutual Life Assurance Society Limited (CMLA) which has a very strong Standard & Poor’s AA Credit rating.

About The CBA Group

The Common Wealth Bank of Australia (CBA) is one of the most recognised brands in Australian financial services industry and provides a variety of financial services, including:

  • Banking: Retail banking, premium banking, business banking, and institutional banking. The CBA Group also offers a range of commercial products, like business loans, trade finance and
  • Funds management: The Group is a full financials service provider and as such customers can choose from a wide range of investment opportunities.
  • Superannuation and Insurance: CBA Group is one of largest life insurers and fund manager in retail superannuation. With their life insurance operations now operating in New Zealand, Indonesia and through a joint venture in China forming BoCommLife.
  • Investment and Share broking products and services: The Group’s main objective is to have Total Shareholder Return in the top quartile of their Australian listed peers over each rolling five-year period.

History of CommInsure

CommInsure has a longstanding history, originating back in 1911 when the Common Wealth Bank of Australia was founded and was the first bank to receive a Federal Government guarantee, empowering them to conduct both savings and general (trading) bank business.

In 1916 the CBA moved their headquarters from Melbourne to Sydney. Four years later, in 1920, the Common Wealth Bank merged with the state savings bank of Queensland and expanded their retail operations.

During 1958 to 1959 there was some controversy concerning CBA’s dual responsibility as the central bank, on one side and a commercial bank on the other. As a result, the government split the bank in two, with the Commonwealth Bank Corporation (CBC) retaining the commercial functions.

In 1988, the Commonwealth Bank entered the managed investment and life insurance division by forming the Colonial First State Wealth Management group. Then, between 1991 and 1996 the Australian government fully privatised the Commonwealth Bank.

The Common Wealth Bank acquired the Colonial Group of companies in the year 2000, granting them a lead into life insurance and property position in the market.

In 2002, CommInsure was created within the CBA, as a specialist insurance division, with the goal of combining all Australian insurance activities.

1911

The Australian government establishes the Commonwealth Bank of Australia.

1988

Colonial First State wealth management group is formed.

1991

The Commonwealth Bank begins privatisation process that ends in 1996.

2000

Commonwealth Bank takes over the Colonial group.

2002

Commowealth bank establishes a new Investments and Insurance Services division.

Key Statistics

In 2014, CommInsure’s total claims pay-out equalled $839.1 million, and as of June 2016 they had an annual inforce premium of $2,500 million making them one of the largest life insurers in the Australian market. They have a number of protection products including CommInsure Protection, Simple Life and provide protection solutions to a number of members of super funds

CBA has a large client base with over 4.6 million active online customers, supported by 52,000 people working at Commonwealth Bank Group (September 2016).

As of 30 June 2016, the CBA Group has $933,078 million in assets, they also have a treaty reinsurance agreement with RGA, reinforcing their strong financial standing.

Your Questions Answered about CommInsure

CommInsure is the specialist insurance division of the Commonwealth Bank of Australia (CBA).
The insurance industry is a complex one. In May 2016, 4 Corners aired an investigation into CommInsure and their treatment of insurance claims which also highlighted the need for customers to become informed about their coverage, ensuring the policy meets their requirements and that they must take active steps to review their polices on an ongoing basis.

Here are 3 Tips to help you understand if your existing CommInsure policy meets your needs:

  1. Confirm what exactly you are covered for, and what you are not covered for.
  2. Read your PDS and check the terms and conditions of your policy to make sure it’s meet your requirements.
  3. If you remain uncertain, we would recommend you talk to a specialist to answer any questions or concerns.
Yes, in the CommInsure Protection policy they provide this feature built in. The trauma reinstatement commences 12 months after a claim has been made.

However, it’s important to note that if trauma cover is reinstated, the exclusions and loadings which applied to your original cover, will also apply to the reinstated cover and that the original category of the traumatic event that you were originally paid out for will be excluded from the reinstated cover.

Redundancy cover is only available under the CommInsure Income Care and Income Care Plus. However you must have a CBA group loan, and you must be unemployed for over 60 consecutive days. The benefit provided is very limited and has a number of eligibility criteria you should be aware of before taking out a policy for this feature alone.
CommInsure offers a specific Income Protection, called Aviation Cover, for pilots, flight engineers and flight attendants. The cover is designed to replace up to 75% of your income should you suffer sickness or injury and are unable to work. The cover can be optimised for specific needs.

For pilots or flight engineers to be eligible they need to have the following:

  1. Employed by a commercial airline that operates a fare paying passenger service in Australia
  2. They need to be Australian citizens and permanently living in Australia
  3. Have a valid Australian Airline Transport Licence or Australian Flight Engineer Licence
  4. Current copies of any medical examinations or reports such as a Civil Aviation Safety Authority.

If you are a pilot, flight engineer of flight attendant and would like more information regarding protecting your income with income protection cover please contact us.

We understand protection your family or you income is an important decision, if you need assistance in understanding your options please contact one of our consultants on 1300 135 205.

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Ask an Expert?

6 Comments

  • Alan |

    Can you get life insurance after have a stent put in. I am still play state grade squash and gym 3 times a week?

    • Russell SPECIALIST
      Russell |

      Hi Alan
      Interesting question, firstly to give you the most accurate answer possible we would need a lot more information than what you have provided however, this is the basic info I can provide you based on the limited information provided.

      Generally, having a Stent alone does not mean you will not be able to get life insurance, however in saying this it will depend on a number of factors that may make it more difficult to obtain. Here are a few of the questions they will need to know before they / we can assist further:
      • Your Current Age
      • Age your Stent was inserted
      • Which Vessel was it inserted to (RHS / LHS), specific names is best.
      • Was this a secondary procedure following another event / illness (eg: Heart Attach, Connery heart Disease), If so what was this and please provide the details.
      • Were there any complications to the procedure
      • Do you have any other medical conditions

      Please note generally the younger you are for example below the age of 40, it may be more difficult to obtain cover.

      To improve your chances of obtaining affordable cover it is best to provide a broker / specialist adviser such as us with a copy of your full medical file as they will be able to conduct an anonymous pre assessment with a number of insurers for you which will give you a clearer indication on which insurer may insure you & on what basis (If it is at standard rates or if they will charge an increased premium based on the higher risk they feel you may present)

      I hope this helps, if you need to have us complete a pre assessment for you, please contact our office on 1300 135 205.

  • Lyn Hilson |

    I have a Comminsure Life Policy.
    Recent press and other comments about Comminsure’s claims record is scaring me.
    Your comments on this website make me more scared as the way you present your statistics flies in the face of recent ASIC evidence.
    Frankly I don’t know what to do.
    I can’t trust Comminsure to give me the correct information.

    • Brett Lenertz SPECIALIST
      Brett Lenertz |

      Hi Lyn, Thanks for making contact and it is definitely an interesting comment you have provided. Claims are certainly at a high focus within the industry at the moment. I would like to mention some key points for you to consider in light of CommInsure and the recent media attention with regards to Insurance claims where the cover was held within Superannuation:

      1. Confirm exactly what you are and what you are not covered for.
      2. Read your PDS and check the terms and conditions of your policy meet your requirements.
      3. If you are unsure talk to a specialist such as us or your financial adviser. We could potentially help explain certain aspects for you if required.

      Thank You

  • Stockman Engineering |

    quote for income protection Insurance for my husband Paul Bonney 52yrs never smoked, fit still plays sport, he is just about to start his own Engineering business, work shop he machines and manufactures componts form either old parts or drawings. He will be the only one working. Business is Stockman Engineering Newman WA

    • Brett Lenertz SPECIALIST
      Brett Lenertz |

      Thanks for making contact Rhonda, we certainly can help you with some information and pricing for Income Protection. We can compare up to 10 Providers in the Australian Market for you so the easiest way to do this is to speak to one of our Income Protection Specialists on 1300 135 205 around your specific needs and we can provide some options for your husband. Thank You

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