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