You are here:

A CommInsure Life Insurance Review

CommInsure was launched by the Commonwealth Bank Group (CBA) in 2002. They have since become one of the largest life insurers in Australia, providing income protection and life insurance products to over 4 million customers.

Russell Cain

Fact Checked

Updated: 19 May 2024

CBA has been operating in Australia for over 140 years and is a leading provider of integrated financial services in Australia, having amassed $971,719 million in assets as of 2016.

In September 2017, CBA Australia reached an agreement with the AIA Group to sell CommInsure. The deal is expected to be completed during the course of 2018. As part of the highly respected AIA Group, CommInsure will rely on the backing of the Group’s 40 plus years’ worth of experience in providing Australian customers with life insurance products.

Compare Life Insurance Quotes

Protect what’s most important to you. It’s easy, convenient and free!

By clicking ‘Compare & Save Now’, you are accepting our Terms of Use, Privacy Policy and consenting to us contacting you about the products and services provided. Please consider the PDS before purchasing any products.

How does the CBA life insurance sale affect CommInsure policies?

If you already have a CommInsure life insurance policy, then your contract will remain the same, i.e. all your policy terms and conditions will be met. The only difference is that AIA will be the insurer providing you with your benefits and not the Commonwealth Bank of Australia.

There is a 20-year partnership agreement between CBA insurance and AIA in place. Apart from bringing their experience, stability, and up-to-date processes, one of the additional key changes is that their branding will slowly be replaced with AIA’s look and feel over the next couple of years.

CommInsure Life Insurance Review

A CommInsure life insurance review will reveal all the important details, like their reputation for paying claims, the policies that they offer, additional benefits and features, as well as what they don’t cover and how long you’ll have to wait before you’re able to claim on a benefit. It’s important to carefully read through your product disclosure statement (CommInsure PDS) to ensure you’re getting value for money.

Each policy includes unique features and benefits, as well as the option to purchase additional cover for more peace of mind.

Commonwealth Insurance benefits

Income protection and life insurance products from CommInsure are designed to include several additional features and benefits at no additional cost to you. You can also purchase extra cover with your policy at an additional fee for more peace of mind.

It’s important that you consult the Comminsure Protection PDS to determine which benefits and additional options are best suited to your specific requirements.

Standard Exclusions

As is the case with most life insurance policies, CommInsure has some general and policy specific exclusions under which a claim will not be paid, for example:

Simple Life Insurance from CBA

Simple Life Insurance is designed to help you protect you and your loved ones from financial loss if something should threaten your lives.

Simple Life Insurance offers 4 types of cover:

Simple Life Insurance packages:

*Based on the information of non-smoking women between the ages of 18 – 30 years old.

Frequently Asked Questions and Answers

The Commbank life insurance scandal unfolded in 2017 after the insurer was accused of rejecting and delaying payments to policyholders based on archaic medical definitions. They were also accused of pressuring medical assessors to reject claims. Following the scandal, Commonwealth Bank sold CommInsure Life to the AIA Group.

To make a complaint regarding your dealings with CommInsure, you can call their Customer Service Consultants from Monday to Friday between 8 am – 8 pm (Sydney time). Their contact details can be found on the CBA website.

You can also make your complaint in writing to:
Complaints Manager
Customer Relations
Commonwealth Bank Group
Reply Paid 41
Sydney NSW 2001

Remember to mark your letter: ‘Notice of Complaint’.

If you’ve made a complaint and are unsatisfied with how it was handled or the decision that was made, you can lodge a complaint with the Financial Ombudsman Service Limited (FOS).

Generally speaking, Simple Life Insurance offers you a simpler approach to life cover specific to Australians aged between 18 and 50 years old, with fewer bells and whistles.

One of the biggest differences is that Simple Life doesn’t offer Income Protection or Business Overheads.

Simple Life offers straightforward products and allows you to choose between their packaged options or create your own package. For instance, Comminsure protection policies include several unique benefits and features at no extra cost, as well as the option to purchase additional cover for when life doesn’t go as planned.

To make a Comminsure Protection claim, please call 13 1056 immediately and to make a Simple Life Insurance claim, please call 13 3982 immediately. You will be assisted by a Case Manager, who will assess the claim and inform you of what information is needed.

Share:

Specialist

Russell is the founder and CEO of Life Insurance Direct and has been quoted in The Sydney Morning Herald, The Age, Independent Financial Adviser, Risk Adviser, Adviservoice, and Insurancenews. Russell has over 15 years’ experience in the Australian life insurance & financial services sector and is instrumental in driving the latest innovations in our insuretech platform.

Other Topics

Find out more with our useful guides

Have a question? Ask a specialist.

Submit