Explore Life Insurance

N.B. CommInsure life insurance products aren’t currently offered through Compare the Market. However, we offer a range of products from other providers through our Life insurance comparison service.

CommInsure, formally known as Colonial Mutual, was once part of the Commonwealth Bank Group with roots in the Australian Insurance industry for over 138 years. In 2017, CommInsure was acquired by AIA, who is set to be the largest insurer in Australia.

CommInsure at a glance

  • 2016 saw CommInsure pay more than $1 billion in claims.
  • The Commonwealth Bank Group sold CommInsure to the AIA group in 2017, with customers retaining all current benefits of their existing policies. Commonwealth Bank Chief Executive Ian Narev said: “the combination of AIA’s leading insurance capability and scale … and our complementary values and commitment to customer focus and innovation, mean that a partnership between us will create an even better experience for our customers …”
  • Recent awards:
    • Risk Product Innovation Award
      Winner: CommInsure – Back to Wellness Program
    • Annuity & Income Stream Innovation Award
      Winner: CommInsure – Death Benefit Guarantee.

Which products does CommInsure offer?

CommInsure offers a range of wealth protection products, including:

Life care. Your nominated beneficiaries receive a lump sum payment if you pass away or are diagnosed with a terminal illness. This cover can be purchased as a stand-alone policy, or it can be combined with CommInsure Total and Permanent Disability Cover, or CommInsure Trauma Cover.

Some built-in benefits and features may include (depending on your plan’s PDS):

  • Life Care Benefit, where a lump sum is paid in the event of death.
  • Severe Hardship Booster Benefit, which doubles the lump sum if the insured passes away, or are likely to pass away in 24 months, from meningococcal disease, Legionnaires’ disease, or motor neurone disease.
  • Terminal Illness Benefit, which is a lump sum that is paid if you are terminally ill and likely to pass away from illness within 24 months.
  • Advance Payment, where up to $30,000 is paid in advance to help with funeral expenses.
  • Life Care Buy Back Benefit, which automatically reinstates Life Care if the insurer pays a TPD or Trauma claim.

Trauma Cover. Available as a stand-alone policy or combined with Life Care or Total and Permanent Disability Cover, Trauma Cover is designed to provide a lump sum payment if you suffer from an injury or illness, such as a stroke, cancer, or a heart attack.

Some benefits may include (depending on your plan’s PDS) the Loyalty Bonus, where once you hold this type of cover for five years, your benefit will be increased by 5% at no cost to you.

Other benefits may include (depending on your plan’s PDS):

  • Trauma Cover Benefit, which pays a full or partial benefit if you’re diagnosed with a trauma condition specified in the policy.
  • Severe Hardship Booster, which doubles the lump sum paid if you’re diagnosed with certain serious trauma conditions.
  • Trauma Buy Back Benefit, which automatically reinstates Trauma Cover if you are paid a Trauma Cover claim.
  • Financial Planning Benefit, where up to $5,000 is paid to help cover the cost of financial advice.

Income protection. If you’re unable to work due to illness or injury, you can receive up to 75% of your income. Depending on your circumstances, premiums paid can be tax deductible.

Some benefits may include (depending on your plan’s PDS):

  • Total Disability Benefit, which is a monthly benefit that helps replace lost income if you’re unable to work at all due to disability.
  • Three-Tier Total Disability Definition, which means you receive the Total Disability Benefit if you can’t work at all due to disability, as well as if you’re working up to 10 hours a week, or earning up to 20% of your pre-disability income.
  • Partial Disability Benefit, where if you’re disabled but can still work, you receive a partial monthly benefit to help replace lost income.
  • Recurrent Disability Benefit, where you can continue your original claim without meeting the waiting period again if your disability reoccurs within 12 months.
  • Boosted Total Disability Benefit, which boosts the monthly benefit by one third if you’re totally disabled by a serious, specified medical condition.
  • Medical Professionals Benefit, where a lump sum benefit is payable if you are a medical professional and your work is affected by a HIV or hepatitis infection.
  • Family Support Benefit, where if an immediate family member takes time off work to care for you while you’re totally disabled, their loss of income can be subsidised for up to three months.
  • Death Benefit, where a lump sum is paid if you pass away.

Total and Permanent Disability (TPD). If you are unable to work ever again because you are totally and permanently disabled, you are provided with a lump sum benefit. This can be purchased as a stand-alone policy, or combined with Life Care.

Some benefits may include (depending on your plan’s PDS):

  • TPD Cover Benefit, where a lump sum is paid if you are totally and permanently disabled.
  • Death Benefit, where under a stand-alone TPD policy, a $10,000 lump sum is paid if you pass away.
  • Severe Hardship Booster Benefit, where the TPD lump sum is doubled if you suffer a specified disability due to an accident.
  • Financial Planning Benefit, where up to $5,000 is paid to help cover the cost of financial advice.
  • Loyalty Bonus Benefit, where the TPD Cover Benefit increases by 5% if cover is held for five years.
  • Automatic Indexation, where the TPD Cover automatically increases annually to help keep pace with inflation.

This information is a guide only. For further information on benefits, features, limits, terms, and conditions, please carefully read the Product Disclosure Statement (PDS). Always read the PDS for each policy before making a decision to buy.

Why choose CommInsure?

As one of Australia’s largest life insurers, CommInsure’s claims philosophy is to pay all genuine and valid claims promptly and efficiently. Coupled with AIA’s complementary customer vision and leading insurance capabilities, CommInsure is a strong choice for life insurance solutions.

Find the right life insurance policy for your needs and budget by using our life insurance comparison service. It’s free to use and takes only minutes to compare a range of policies from providers like CommInsure. Get started today.

The information included on this page is current as of 6/02/2019.

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