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Commonwealth Bank Income Protection Insurance

Commonwealth Bank Income Protection Insurance

1.6 from 24 reviews · View Statistics

Reviews

1.6

24 reviews
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    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
    Ves

    VesGreater Melbourne (Metropolitan), VIC

    • 30 reviews
    • 20 likes

    Application rejected

    published

    Through my financial adviser, i applied for income protection. After filling loads of paperwork then answering further questions about my job role, I find out I was rejected through a letter. They didn't seem to understand my role nor called me for an understanding. Also if you've had minor health issues, especially related to the back, then don't bother applying. The application was an absolute waste of time.

    See all Commonwealth Bank Income Protection Insurance reviews

    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 101asked

    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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