CommInsure
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CommInsure sold to AIA
The Commonwealth Bank Group (CBA) has sold its insurance arm, CommInsure, to Hong Kong life insurer AIA. CommInsure and AIA Australia now operate as one entity.
From 31 March 2020, CommInsure Protection products will no longer accept new business. However, current CommInsure Protection policies will remain as is, and customers can contact AIA for increases, decreases, changes to beneficiaries or policy ownership.
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.
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.
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.
CommInsure FAQ
Who owns CommInsure?
The life insurance company is now wholly owned by Hong Kong life insurer AIA. Before, CommInsure was the specialist insurance division of the Commonwealth Bank of Australia (CBA).How does AIA purchasing CommInsure affect my policy?
The Commonwealth Bank of Australia (CBA) has sold its life insurance arm, CommInsure Life, to the insurance specialist AIA Group Ltd. This enables AIA to further increase their focus on driving customer value.
From 31 March 2020, CommInsure life cover products will no longer be available to new customers. Current CommInsure customers will keep their policies and existing benefits. AIA is now the insurer providing you with your policy benefits and not CBA.Will my CommInsure application still be accepted?
If you submitted an online quote and application for new business before 31 March 2020, it will be honoured. However, if you applied for a policy offline (paper applications), it would need to have been signed and dated before 31 March 2020, and received by 30 April 2020, to be honoured.I heard about CommInsure on a recent 4 Corners show. As a policyholder, should I be concerned?
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:- Confirm what exactly you are covered for, and what you are not covered for.
- Read your PDS and check the terms and conditions of your policy to make sure it’s meet your requirements.
- If you remain uncertain, we would recommend you talk to a specialist to answer any questions or concerns.
Does CommInsure offer built in trauma reinstatement?
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.Do they offer accident only products?
Yes, they offer both accidental death cover and accident only income protection.What are the limits of their redundancy 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.Do they offer income protection to pilots?
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:- Employed by a commercial airline that operates a fare paying passenger service in Australia
- They need to be Australian citizens and permanently living in Australia
- Have a valid Australian Airline Transport Licence or Australian Flight Engineer Licence
- Current copies of any medical examinations or reports such as a Civil Aviation Safety Authority.
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My name is Michael Okedele. I have comminsure for several years and wanted to find out what the current status of the policy is?
Hi Michael.
Using your email address to search in our customer database, it does not seem that you are a client of Life Insurance Direct. Do you perhaps have a policy number?
If you are not a client of ours, it’s best to contact CommInsure’s customer care to inquire about your policy.
I have just been offered an insurance cover by another company which is lower than our current policy with Comminsure. Before I make a decision I need to know if Comminsure can provide a revised policy based on the following:
POLICY HOM746****
HOME SUM INSURED $400,000
CONTENTS SUM INSURED $60,000
Everything else to remain as is in the current policy.
Hi Peter,
Life Insurance Direct does not compare household insurance. Please contact CommInsure directly for a revised quote.
Thank you.
What happens if you are insured through both AIA Australia and CommInsure?
Hi Sheree,
I’m not sure exactly what you’re referring to, but if you’re wondering whether you can claim on multiple life insurance policies, like CommInsure and AIA, then the answer is generally yes.
If you complied with your duty of disclosure when you applied for life cover and informed both insurers that you have another life insurance policy in addition to the one you’re applying for, then you can usually claim from both companies.
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
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
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.
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. We could potentially help explain certain aspects for you if required.
Thank You
Can you get life insurance after have a stent put in. I am still play state grade squash and gym 3 times a week?
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 / insurance specialist 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.