CommInsure Income Protection Insurance

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CommInsure is a provider of a range of insurance products, such as life insurance and income protection insurance, and is a subsidiary of Commonwealth Bank. CommInsure’s income protection policies are only available through speaking with a financial advisor. Although Canstar does not rate CommInsure income protection, we have rounded up some key product info below.

What income protection insurance products does CommInsure offer?

At the time of writing, CommInsure offers four levels of income protection, varying in the what they cover:

  • Income Care coverage: Provides up to 75% of your income if you’re unable to work due to injury or illness. It includes both total and partial disability benefits.
  • Income Care Plus: Includes all the benefits of Income Care cover, plus 11 extra benefits, such as family support, home care, transport and rehabilitation expenses.
  • Income Care Platinum: Provides the same level of cover as Income Care Plus, as well as a three-tiered definition of permanent disability cover that allows you to claim the total disability benefit while still working and earning an income in a reduced capacity.
  • Essential Cover: Income protection for accidents only. Covers up to 75% of your income if you are unable to work because of an accident.

CommInsure says its income protection insurance can be taken out within a superannuation fund or by itself.

What features does CommInsure income protection insurance offer?

CommInsure income protection includes the following features, depending on the extent of your injury or illness:

  • Total disability: You can generally receive up to 75% of your income when you are unable to perform all or part of your occupation due to injury or sickness.
  • Partial Disability: Provides a payment to supplement your income if you are disabled but can still work.
  • Permanently unable to work: You may receive up to 100% of your pre-disability income in the event that you are totally disabled by a serious medical condition. Eligible medical conditions are outlined in the CommInsure Protection Product and Disclosure Statement (PDS) on the website.

Some optional extras that are available are as follows:

  • Recurrent Disability Benefit: Waives the waiting period for the recurrence of the same or related sickness or injury.
  • Reward Cover Benefit: Provides up to $100,000 of accidental death cover at no extra cost after three years or more of holding cover.
  • Rehabilitation Benefit: Helps to cover the cost of an approved rehabilitation program if you are totally or partially disabled. This is not available on a policy that is within a super fund.
  • Involuntary Unemployment Cover Benefit for CBA Group loans: Provides financial support to help cover CBA minimum monthly loan repayments for up to three months.

How to apply for a CommInsure income protection insurance policy

You can apply for CommInsure income protection insurance policy through a financial adviser. If you don’t have a financial planner, Comminsure says it will arrange a complimentary, no obligation meeting with a professional financial planner for you.

A financial planner will help determine whether you are eligible to apply for insurance, the type of insurance and the amount of cover that suits your needs, an estimate of your premium and assistance with the application process.

Eligibility to apply for CommInsure income protection insurance

To apply for CommInsure income protection insurance policy, you must:

  • Be an Australian or New Zealand citizen or a permanent Australian resident
  • Have an Australian residential address
  • Be within the entry age range required for the cover that you choose
  • Be working full time or permanent part time for at least 20 hours a week

Considering taking out income protection insurance? Canstar does not compare advised income protection policies such as that provided by CommInsure. However, we do compare direct income protection policies, which are policies anyone can apply to take out directly with an insurer. 

Compare Income Protection Insurance

CommInsure Income Protection Insurance FAQs

The cost of your CommInsure income protection insurance premiums may vary depending on a number of factors, including:

  • Who owns the policy and who it will cover
  • Whether the policy is within a super fund or held outside of super
  • The monthly benefit 
  • The waiting period and benefit period
  • Expiry date of the cover
  • The policy type
  • Any optional inclusions and extras

CommInsure says it will also take into account personal factors such as your age, health, gender, occupation, smoker status and pastimes. 

The Australian Taxation Office (ATO) states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. 

The ATO also says that generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible. Ask your tax accountant or financial adviser for more details on this.

CommInsure says that you must notify it in writing of any claim or potential claim as soon as possible. Once notified, CommInsure will provide you a ‘claims kit’ to be completed and returned by you and the attending medical practitioner. 

To make a claim, CommInsure says you will need to provide the following:

  • Proof of your age
  • Financial and other information, such as your employment details and your daily activities
  • Medical examinations and further medical information at CommInsure’s request
  • CommInsure also require regular reporting and evidence of your state of health while you are receiving benefits

CommInsure is an insurance provider that is owned by the Commonwealth Bank of Australia (CommBank). CommBank is one Australia’s Big Four Banks and has businesses across New Zealand, Asia, the United States and the United Kingdom.

Compare Income Protection Insurance

 

Written by: Eliza Parry-Okeden | Last updated: November 21, 2019