Life Care

No amount of money can replace a loved one, but when family members experience financial security during a difficult time it helps provide peace of mind.

Features and benefits

Life Care provides your family with a lump sum payment on your death or upon diagnosis of a terminal illness with less than 12 months to live. The package can be combined with Trauma Cover and/or TPD Cover, or purchased on its own.

Life Care contains several added benefits. In addition to the core Death Benefit and Terminal Illness Benefit, these include:

• Life Care Advance Payment Benefit: Provides a cash advance of up to $20,000 to your family or estate to help with funeral costs or other such expenses.
• Interim Accident Cover: Covers you for accidents while we’re processing your application.
• Financial Planning Benefit: Helps cover the cost of financial planning for loved ones.
• Severe Hardship Booster Benefit: Pays an increased benefit for death or terminal illness due to specified conditions.
• Loyalty Bonus Benefit: Rewards you for keeping your cover by paying 5% more Life Care benefit after 5 years.
• Life Care Buy Back Benefit: Allows Life Care to be reinstated after 12 months if it is reduced due to a TPD Cover claim or a Trauma Cover claim.
• Accommodation Benefit: Helps cover the cost of accommodating a family member who has to be away from home to be near you if you’re confined to bed away from home.
• Indexation Benefit: Increases your cover each year in line with inflation.
• Child Cover Option: Provides the opportunity to attach life and trauma cover for your children to your own Life Care policy.
• Plan Protection Option: Ensures you don't have to pay premiums if you are totally disabled for three months or more.

Applying for Life Care

• Contact your adviser
• Speak with a Customer Service Consultant on 13 10 56 from 8am to 8pm (EST), Monday to Friday
• Drop in to a Commonwealth Bank branch and speak with a Commonwealth Financial Planner.

 

• Important Information
  Please refer to the relevant Product Disclosure Statement for full details of these benefits and when they are payable.
  
  As this advice (including the statements on taxation which are based on present taxation laws, rulings and their interpretation) has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances. You should seek advice from your taxation adviser in relation to taxation matters.
  
  Income Care, Income Care Plus and Business Overheads Cover (the Income Care Range), Life Care, Total and Permanent Disablity Cover (TPD Cover) and Trauma Cover form part of Personal Insurance Portfolio. Personal Insurance Portfolio is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (CMLA).
  
  CMLA and the Trustee are wholly owned subsidiaries of Commonwealth Bank of Australia ABN 48 123 123 124. Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the Trustee or the products they offer.
  
  Product Disclosure Statements (PDSs) describing the Personal Insurance Portfolio are available from your Financial Adviser, by downloading it from this website or by calling 13 10 56 (from overseas call +61 13 10 56) and should be considered in making any decision about these products.