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Commonwealth Bank Income Protection Insurance

Commonwealth Bank Income Protection Insurance

1.6 from 24 reviews · View Statistics
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Reviews

1.6
24 reviews
  • Value for Money
    4.0 (1)
  • Customer Service
    5.0 (1)
  • Claim Resolution Time
    • 1-2 months (1)
  • Claim ApprovedYes (1) · No (0)
Previous
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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
Robert
RobertSouth East Queensland, QLD
  • 12 reviews
  • 1 like

Partial Claim CommInsure

published
Value for Money
Customer Service
Kerry
KerryBrisbane, Queensland
  • 2 reviews
  • 15 likes

UNBELIEVABLY good, best in the business

published
Insurance claim madeYes
Income Insurance

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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 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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