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Sometimes called life insurance, this can pay a lump sum to your estate if you pass away, or a lump sum to you if you become terminally ill. It’s designed to help with debt, to help put dependents through school, to help provide financial support for your partner and to help maintain your family’s lifestyle.

With a Simple Life policy, you can choose to buy between $100,000 and $1 million of Life Cover, in $25,000 increments. For example, you can buy $525,000 worth of Life Cover, but you can’t buy $520,000 worth. The cover amount you choose is known as your Life Cover benefit and is confirmed on your policy schedule. This lump sum benefit will be paid once only – if you become terminally ill, or if you pass away.

You can package Life Cover with other Simple Life covers, including Total and Permanent Disability (TPD) Cover, Critical Illness Cover and Bill Protection, or you can buy it as a standalone policy. Unlike many other life insurance policies, you have the options of taking the other cover types without buying Life Cover too.

You’ll receive your lump sum benefit if a medical practitioner is able to certify you have an illness or injury that will result in death within 12 months.

You can find more information on these definitions in the Simple Life Product Disclosure Statement (PDS).

It’s important you’re aware of the situations where a Life Cover death or terminal illness benefit won’t be paid. This is where death or terminal illness results directly or indirectly from any of the following:

  • A pre-existing condition
  • Suicide, attempted suicide or self-inflicted injury, whether you’re sane or not
  • As a result of war, whether it’s been declared or not
  • Substance use or dependency, including alcohol, drug, chemical or the improper use of medication
  • Participation in an illegal activity
  • Working in hazardous conditions 
  • If you’ve been living outside of Australia for more than 12 months in a row

We’ve built a simple calculator to help you find out how much life cover you might need.

If you already know how much life insurance cover you need, you can get a quote and apply online for Simple Life now.


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Important information

As this information has been prepared without considering your personal objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances. This information is provided by CMLA and CIL (as relevant) and where we refer to ‘we’ and ‘our’, we mean either CMLA or CIL.

Please refer to the Simple Life Product Disclosure Statement (PDS) and the Simple Life Medical Definitions Reference Guide for full benefit details, terms, conditions and exclusions. A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Simple Life are available online or by calling 13 39 82 between 8am and 8pm (AEST) Monday to Friday. If you call this telephone number, you may be speaking with customer service representatives from Aegon Insights Australia Pty Limited (“Aegon”) ABN 35 082 524 785 AFSL 236657. Aegon is authorised to issue Simple Life on behalf of CommInsure.

The issuer and insurer for Life Cover, Total and Permanent Disability Cover and Critical Illness Cover is The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA). The issuer and insurer for Bill Protection is Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CMLA & CIL are wholly owned but non-guaranteed subsidiaries of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. CommInsure is a registered business name of CMLA & CIL.

The Commonwealth Bank of Australia does not guarantee the obligations or performance of CommInsure or Aegon or the products they offer.