Table test Michael and Lisa, both 28, learn they are having their first baby soon after buying their first house. Both working full time, they take out CommInsure life insurance to protect their future.

Michael remembers his family's financial difficulties after losing his own father in an accident when he was 16. He wanted to avoid exposing his own family to similar risk and took out a policy to; "Help ensure that if the worst happens, my family has the financial independence that I missed out on."

Michael is a computer programmer and non smoker and took out a life insurance policy of $800,000 and an income protection policy with a monthly benefit of $4,375. Lisa, was currently working as a sales manager, but knew that she was just as valuable as a homemaker and decided to also take out a life insurance policy of $300K.

Michael and Lisa's Costs1
Michael's Occupation Computer Programmer
Lisa's Occupation Sales Manager
Smoker No
Michael's Life Care policy value $800,000
Lisa's Life Care policy value $300,000
Michael's Income protection policy (monthly benefit) $4,375 (1 month waiting period)
Benefit Period To age 65
Expiry Date To age 65
Indemnity Yes
Stepped premiums2 Yes
Approx. combined cost $105.82 per month or $3.48 per day

1This case study is for illustrative purposes only and does not reflect any particular person. All costs are indicative only and include a monthly $5 policy fee. Actual premiums are assessed on an individual basis.
2Stepped Premiums increase each year with age.

CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). Trauma cover and income protection are available through Life and Income Protection and Personal Insurance Portfolio, which are issued by CMLA. Product Disclosure Statements (PDSs) describing these products are available at and should be considered before making a decision to acquire these products. Please refer to our Financial Services Guide. This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice, you should consider it's appropriateness to your circumstances.