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Commonwealth Bank Income Protection Insurance

Commonwealth Bank Income Protection Insurance

1.6 from 23 reviews

See the Best Income Insurance in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

5 star
3
4 star
0
3 star
0
2 star
2
1 star
18

Took to long.

published

Took too long. I lodge it in September 2018 and now it’s 21/12/18 and just found out that the manager won’t look at it till January 2019. So disappointed no money for Christmas.

Insurance claim madeYes

Steven

StevenBrisbane

  • 9 reviews
  • 9 likes

A total rort, don't bother

published

I have had a "level" policy for a few years, sold to me by a CBA adviser as being more affordable in the long-term as premiums will not increase like a "stepped" policy would. This year the premiums are increasing by 21.4%. By any real world definition I know of, that is NOT a level premium. Probably buried in the t&c's it says they can do this but this behaviour is just another example of the totally unethical and morally bankrupt behaviour of this bank.

Insurance claim madeNo

Trauma

published

I lost an eye to cancer and they are still playing me around I sent them all the medical information plus a big list of things the doctor gave me of everything they did to me during surgery and what type of cancer I had. They are still trying to get the hospital to send them more info. They are saying that it might not be covered that my trauma and cancer claim might not fit there definition of trauma or definition of cancer.

Insurance claim madeYes
Jay.C

Jay.C

  • 2 reviews

Disgusted

published

Never use comminsure, you won’t get paid and they will do anything not to pay a claim. I know I’ve had to endure not being able to work since August 2016 and I had an income protection policy, but because I didn’t disclose that I suffered from depression many years ago they declined my claim and cancelled my policy. Now myself and my family have had to suffer because of this.

Insurance claim madeYes

Very difficult

published

They want you and doctors to fill out an unbelievable amount of paperwork. They accused me of seeing too many doctors and making it hard for them when my normal doctor was off sick. Accepted finally, quiet disappointing experience, from a bank I've always used, but not much longer.

Insurance claim madeYes

Saint

SaintSydney, NSW

  • 5 reviews

Income protection

published

Recently received a letter for my insurer, same one you would get from any of them I am told. That as reached 65 I am no longer able to have income protection insurance. I am not retiring, in good physical and mental health but the cover will end. In an era where the next generation can't retire till 70 I find this disappointing.
The service has been excellent over the years and I have no real complaint except it is ageist and makes a lot of assumptions about people.
I write the review to inform other who make get such a letter.

Insurance claim madeNo

Scam

published

I was unemployed when I took out a 5000 dollar loan and they said i need to take out income protection to get the loan. I also took out life insurance. When I refinanced my loan they said to get it I would have to cancel both income protection and my life insurance. I will be changing banks for sure.

Insurance claim madeNo

Rip offs

published

Paying for this is a total waste of money. Off work for 6 weeks without pay due to injury and it takes 30 days for claim to be processed and not even sure will pay 2 loan payments. Beware this has to be a money grabbing scam

Insurance claim madeNo

Lys

LysSydney

Waste of money

published

Total waste of money. Will do anything not to pay out on policy. Basically I've been giving them free money as I am not covered under my policy for Illness.

Insurance claim madeYes
Jemelo

JemeloMelbourne

Excellent TPD claim handling

published

Really happy with CommInsure. They processed and paid my TPD claim within a couple of weeks of me lodging my claim. Very simple and hassle free claim process. Thanks CommInsure!

Insurance claim madeYes

steve64

steve64

  • 25 reviews
  • 10 likes

Look for the tiniest loophole

published

Through my financial planner I applied for income protection insurance combined with trauma insurance through Comminsure
They wanted a medical report from my doctor, fair enough, when they finally got it, they approved my application with 2 exemptions, 1 for a stomach ulcer , which I accepted as it is an ongoing condition,treated with tablets.
They also applied an exemption for anything to do with backs, discs, Nerves in back etc because according to the doctors report I saw him 2-3 times in 4 or so years for the odd sore neck.
I informed the planner if they want to be so picky, then I won't bother with the application.
I see from other posters this is a familiar tactic.

Insurance claim madeNo

Loan Protection: Government approved scamming

published

I paid for loan protection for 6 years and despite believing I would never have to make a claim, that changed when I became too ill to work and was eventually 'let go' from my position. I never once missed a payment on either the loan or the loan protection. Regardless, my claim was refused on the grounds that I had managed to secure a single shift in 3 months to help me get by.

Loan protection is a scam.

Insurance claim madeYes

Johnny

JohnnySouth Australia

  • 8 reviews
  • 3 likes

Really, really bad.

published
Insurance claim madeYes

julian

julianHobart, TAS

  • 3 reviews
  • 2 likes

inadequte protection

published

i have bben injured and unable to work as a nurse since april 2014,it took 90 days to get any income from cominsure and centrelink no one would help its vital that people get help earlier.also i still have to attend a doctor to fill in a claim form every month even though they know i have numerous conditions and have had surgery to replace my knees that was problematic and is now the main reason i cannot work again .centrelink agreed i am disabled permanately now but the forms keep coming and i am paying a premium for loan protection but getting no protection don,t understand that one.just a foot note i have a sub form of ms ms and motor nurone is not recognised as causes of death so none is covered .

Insurance claim madeYes
1 comment
julian
julian

read the fine print it will save you a lot of money and grief remember ms and motor neurone is not a cause of death in cba eyes. oh and i am still paying for a policy that ran out after 12 month loan protection


CommInsure are homophobic and send endless irrelevant "questionnaires". Canceled my application.

published
Insurance claim madeNo

Terrible company

published

ok to take monthly payments but when you claim it takes months to come back in 5 months to say you didn't fill out original application correctly and insist on a home interview.
I would never go near them again.

Insurance claim madeNo

Robert

RobertSouth East Queensland, QLD

  • 12 reviews
  • 1 like

Partial Claim CommInsure

published
Value for Money
Customer Service
Claim MadeYes
Claim Resolution Time1-2 months
Claim DateMay 2007
Claim ApprovedYes

Shame about the claim service

published

They seem ok to make monthly benefit payments, but try to claim on any other policy benefits and good luck!
I urge clients to contact the Financial ombudsman and also Fairfax media. Comminsure service, well just crap! My claim for other benefits has taken 18 months and counting, now in the hands of my solicitor.

Insurance claim madeYes

Accept claim, then look for loopholes to not honor the services you paid for.

published

From personal experience staff were mismanaged and had no people skills what so ever. I provided all the required documentation, and proof of involuntary redundancy only to be screwed around for months and eventually rejected after initial acceptance. Absolutely terrible service. Do not waste your time!!

Insurance claim madeYes

Kerry

KerryBrisbane, Queensland

  • 2 reviews
  • 14 likes

UNBELIEVABLY good, best in the business

published
Insurance claim madeYes

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Questions & Answers

grace

graceasked

How can I claim the loan protection insurance please?

1 answer
george
george

for a quicker & more accurate response you will have to contact the bank direct they dont monitor this site


4woolies

4wooliesasked

To Whom It May Concern,
My name is Christine Kennedy and I've had an income protection policy with u for several yrs. Due to a work place accident I've been unable to work since last November. My inquiry is about applying for a claim on my policy to help me financially. Could u please advise if I am eligible for a claim at this time. I'm sorry where I am at present I don't have my policy number available.

2 answers
steve64
steve64

Hi Christine I'm not an employee of CommInsure sorry, just a would have been customer.

bam bam
bam bam

you will have to contact the bank direct they do not monitor this site


Accounting "101"

Accounting "101"asked

When is income generated?
I receive monthly fees as well as a fee on completion of a professional advisory service provided. The completion fee is payable upon the execution of the contract. My business accrues the income from an accounting perspective on the issue of the invoice. The taxation of the invoice is a separate matter and depends on if you lodge on a cash or accrual basis. The taxation returns do not measure income generated, but rather measure taxable income.
CommInsure argue unequivocally that income is not generated until payment has been made for those services. This is despite an indisputable legal obligation arising from the execution of the contract and issue of the invoice (which was paid in the next financial year). Their monthly claim form also states that if you are self employed that you must provide details "..the gross income before tax & GST that has or will be invoiced by your business for work performed during the claim period"
So what is it?

1 answer
Accounting "101"
Accounting "101"

Definitely income is generated when the services are provided from personal exertion


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