No amount of money can replace a loved one, but knowing that your family will be financially secure after you’re gone can give them some comfort during a difficult time and you the peace of mind to live life to its fullest.
Features & benefits
Life insurance provides your beneficiaries with a lump sum payment in the event of your death or upon diagnosis of a terminal illness with less than 12 months to live. For your convenience, the policy can be purchased on its own or packaged with and/or Total Permanent Disability (TPD).
In addition to a Death Benefit and a Terminal Illness Benefit, which provide you or your beneficiaries a lump sum payment in the event of your death or terminal illness, the policy includes:
- Life Care Advance Payment Benefit, which provides a cash advance of up to $30,000 to help with funeral expenses.
- Financial Planning Benefit, which helps cover the cost of financial planning for loved ones.
- Accommodation Benefit, which covers the cost of accommodating a family member to be near you should you be confined to a bed away from home.
- Severe Hardship Booster Benefit, which will pay an increased benefit to your loved ones if your terminal illness or death is due to specified conditions.
- Interim Accident Cover, which covers you for accidents while we’re processing your application.
- Loyalty Bonus Benefit, which rewards you by paying a 5% higher Life Care benefit after five years.
- Life Care Buy Back Benefit, which reinstates Life Care after 12 months if it is reduced due to a TPD Cover or Trauma Cover claim.
- Indexation Benefit, which increases your cover each year in line with inflation.
- Child Cover Option, which provides the opportunity to cover your children with your life and trauma insurance policies.
- Plan Protection Option, which ensures that you don't pay premiums if you are totally disabled for three months or more.
How to start planning
Life insurance is a critical component of any holistic financial plan. If you’d like some help customising the right policy for you, or want to know more about the financial benefits of insurance, you can use our online booking form to schedule an no-obligation consultation with a Commonwealth Financial Planner and start planning today.
- Important Information
Please refer to the relevant Product Disclosure Statement for full details of these benefits and when they are payable.
As this advice (including the statements on taxation which are based on present taxation laws, rulings and their interpretation) has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances. You should seek advice from your taxation adviser in relation to taxation matters.
Income Protection, Life, Business Overheads, Total and Permanent Disability (TPD) and Trauma form part of CommInsure Protection. CommInsure Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (CMLA).
CMLA and the Trustee are wholly owned subsidiaries of Commonwealth Bank of Australia ABN 48 123 123 124. Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the Trustee or the products they offer.
A Product Disclosure Statement (PDS) describing CommInsure Protection is available online, from your Commonwealth Financial Planner or by calling 13 10 56 (from overseas, call +61 13 10 56) and should be considered in making any decision about these products.
Commonwealth Financial Planners are representatives or authorised representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169 AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.