Comminsure gives away $1.2 billion free cover to customers through loyalty bonus benefit

3 September 2007

CommInsure, Australia’s largest life insurer, is set to give away $1.2 billion worth of additional life insurance cover next month to customers who are eligible for CommInsure’s Loyalty Bonus Benefit.

CommInsure’s Loyalty Bonus Benefit will come into effect from 1 October 2007. It will reward customers who have maintained their Life Care, Total Permanent Disability (TPD) Cover and Trauma Cover with CommInsure for 5 years or more since 2002, by automatically increasing the benefit paid at the time of claim by 5%. Customers will receive the benefit at no extra cost.

Approximately 40,000 CommInsure customers will benefit from the Loyalty Bonus Benefit in the first year.

Simon Swanson, Managing Director of CommInsure, said he was very pleased to announce this market-leading initiative that provides such outstanding value for money for customers.

"The Loyalty Bonus Benefit is unique to the market – there are no other insurers who offer a loyalty bonus on such a large scale," he said.

"I’m always pleased when we can offer a market-first, particularly one such as this that represents great value for money and really will come as a significant bonus for many of our customers," he said.

Since 2005, CommInsure has rewarded customers who’ve maintained their Income Protection cover for 3 years or more since 2002, with the Reward Cover Benefit. These customers receive an extra $50,000 worth of bonus accidental life cover, then an incremental increase of $10,000 each year, up to a total of $100,000 at no extra cost.

"Our customers’ loyalty is vital to the success of our business. These reward schemes demonstrate to our customers that we appreciate their business," said Mr Swanson.

Earlier this year CommInsure announced 23 innovative product enhancements to its retail life insurance range. In addition it has implemented a range of premium reductions across Life, TPD and Trauma.

"We will continue to improve our service and products to meet and exceed market expectation" said Mr Swanson.

CommInsure won Life Insurance Company of the Year in the 2007 Australia and New Zealand Insurance Industry awards.

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Notes for editors

Example of Loyalty Bonus Benefit
If your Trauma cover benefit is $500,000 and you are entitled to the 5% loyalty bonus benefit, on payment of your claim you will be paid a benefit of $525,000 instead of $500,000.

Example of Reward Cover Benefit
If you keep your Income Protection policy for 8 years, CommInsure will give you $100,000 worth of accidental death cover at no extra cost.


Media contact:

Caroline Regidor
Communications Manager
Commonwealth Bank
P: (02) 9303 7008
M: 0419 989 800