If you have dependents and financial commitments, life insurance can help ensure that those you care for are looked after in the event of your death, whether by accident or illness. By providing a lump sum payment to your nominated beneficiaries, Comminsure’s life insurance policy, Life Care, can provide some much needed financial assistance so your family doesn’t have to take out unnecessary loans or draw down on their savings when you’re no longer around.
What does Life Care cover me for?
In addition to your lump sum paid in the event of your death, Comminsure’s Life Care policy also covers you in times of ill health. Whereas most life insurers only pay a lump sum in the event of your death, Comminsure also pays a lump sum under their life insurance policy should you be diagnosed with a terminal illness and have less than 12 months to live. So if you fall ill during the term of your cover, you’ll receive some much needed financial assistance while you’re still alive, without having to take out additional insurance policies or loans.
What types of cover can I choose from?
There’s only one type of life care cover to choose from. However, there are multiple ways you can structure your insurance. For a simple life insurance policy, purchasing Life Care as a stand-alone product is an option. If you have multiple covers and want a cheaper premium, connecting your Life Care cover with another cover, such as TPD insurance, is another option. This is called Rider cover. However, if your TPD cover is the Rider cover, when a benefit is paid under the TPD cover, the Life Care is reduced by the amount paid.
Another option to consider is Flexi-linking. With Flexi-linking, you can bundle insurance covers inside and outside of your super policies for more savings on premiums and policy fees.
Comminsure’s Life Care cover allows you to take out a simple life insurance policy, or add extra benefits to suit your lifestyle and family’s needs.
Some of the basic benefits include:
- Terminal illness benefit
Comminsure will provide you with a lump sum payout should you be diagnosed with a terminal illness.
- Advanced payment benefit
If your family requires extra financial assistance, Life Care can provide a cash advance, paid immediately upon death, of the total benefit of up to $30,000 to help with the cost of a funeral or other unforeseen expenses.
- Guaranteed Insurability
Life Care gives you the option to increase your cover on specific occasions – whether business or personal. Should you get married, divorced, have children, or your spouse dies, you’ll be able to increase your Life Care cover without having to provide medical certification.
- Accommodation benefit
If you have to stay over 100kms from your home or travel that same distance, or a family member must relocate in order to take care of you, Comminsure will pay up to $350 a day to help cover the costs of accommodation.
- Automatic indexation
To keep up with the rising costs-of-living, Comminsure will increase your cover so it’s in line with the current Consumer Price Index. As a result, this also increases your premium.
- Loyalty Bonus benefit
If you become terminally ill or die after the 5th anniversary of your Life Care insurance date, Comminsure will increase the benefit by 5%.
- Financial Planning benefit
Pays you up to $5,000 to help cover the costs a financial plan should your family require one if you pass away.
- Accidental death cover
- Child death cover
If you have children, Comminsure Life Care lets you add your children to your policy. Under this option, your children can be insured against death as well as 38 trauma events.
- Plan protection
As with many of the Commonwealth Bank Group’s insurance policies and loans, their plan protection benefit helps ensure that you keep on top of your finances. If you were to become totally disabled and unable to work, you won’t have to pay your Life Care premium – all while your cover remains active.
Want to compare this policy with others? You can compare Comminsure’s premiums with other policy providers through our free quote service.
© 2012 Wealth Smart Life Insurance