Loan Protection policies with a policy start date before 17 May 2010 have an additional feature called Automatic Continuation of Cover, which continues to protect you after your loan closes.
Your policy anniversary letter will confirm if your Loan Protection policy has this feature.
This advice has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. This information is provided by CMLA and where we refer to ‘we’ and ‘our’, we mean CMLA.
Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124.
‘CommInsure’ is used under licence by CMLA.
You can download a CMLA Financial Services Guide (FSG).
CMLA has entered into a Joint Cooperation Agreement with AIA Australia Limited (AIA) and Commonwealth Bank of Australia (CBA) for the joint operation of the CMLA and AIA businesses. AIA is part of the AIA Group, the largest publicly listed life insurance group in the Asia Pacific region with a presence in 18 markets. Whilst CBA will remain the ultimate shareholder of CMLA, under the terms of the Joint Cooperation Agreement AIA will have an appropriate level of direct management and oversight of the CMLA business.