CommInsure offers emergency Life Insurance Premium Relief for Farmers and Graziers

3 March 2003

CommInsure, the insurance arm of the Commonwealth Bank, has announced emergency insurance relief measures which allow for farmers and graziers affected by the drought to change their life insurance payment instalment arrangements.

CommInsure’s, Managing Director, Mr Peter Beck, said the relief measures would allow better budgeting during the difficulties faced by farmers and graziers through what is one of the worst droughts in Australia’s history.

"We understand the increasing financial pressures confronting farmers and graziers. Despite the recent rainfall in some areas, many farmers and graziers are facing their second and third years without significant income," Mr Beck said.

"That’s why we have put special arrangements in place to make it easier for farmers and graziers to maintain their life insurance cover without having to reduce their level of cover and put their futures at risk."

The key features of CommInsure’s life insurance premium relief package under the Total Care Plan and/or Income Care Range include:

  • waiving of two months premiums for those policyholders who wish to change to a monthly premium payment. This will compensate policyholders for the additional loading costs, which apply to monthly premium payments.
  • waiving one month’s premium for those policyholders who already pay monthly.

Mr Beck said applications would be accepted until 30 April 2003. Policyholders wishing to take advantage of the relief messages should phone 13 10 56 and request an "Application for Life Insurance Premium Waiver".

CommInsure is a wholly owned subsidiary of the Commonwealth Bank of Australia.