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.
1911The Australian government establishes the Commonwealth Bank of Australia.
1988Colonial First State wealth management group is formed.
1991The Commonwealth Bank begins privatisation process that ends in 1996.
2000Commonwealth Bank takes over the Colonial group.
2002Commowealth bank establishes a new Investments and Insurance Services division.
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
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.
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.
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.
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.