You’ll need to update your browser so you can continue to log on to your online banking from 28th February. Update now.


What options do I have to make my life insurance premium more affordable?

See all Life insurance FAQs

Last updated 06 June 2017

When life changes, so can your policy. There are a number of cost effective ways to reduce your premium. Some of these include:

  • Changing your payment frequency from monthly to annual to receive an 8% saving 
  • Deferring or declining indexation to prevent CPI increases to your sum insured and premium
  • Applying for non-smoking rates if you stopped smoking more than 12 months ago
  • If you have a Total Care Plan Super, paying by rollover using our Super Payment Method allows you to pay your premiums via a partial rollover from your super fund. This is easier on your budget as there are no out of pocket expenses and you will be eligible for a rollover rebate which reduces your premium by 15%.
  • If you have TPD or Income Protection (IP), you may have options to pay your premiums by using your Super.
  • If you have TPD and Income Protection (IP), you may be able to replace your existing covers with Split TPD and Split IP, this would assist in funding a large portion of your premium through your super.
  • Reviewing your level of cover
  • Flexi-linking your insurance.

There are always options to help make your premiums more affordable. Call us on 13 1056 between 8am and 8pm, Monday to Friday (Sydney/Melbourne time) to discuss your options.

Alternatively, your adviser can help you to find a solution that meets your needs. If you don't have a financial adviser, a Commonwealth Financial Planner may be able to help you. To arrange a no-obligation consultation, simply make an appointment online, or visit any Commonwealth Bank branch for assistance.

You can also take a look at 'The value of life insurance' brochure which mentions some additional cost effective ways to reduce your premium.

Unable to find what you're looking for?

Search for more popular topics