Should I ditch Comminsure?

Hi Scott,

I'm a single self-employed professional. I took out income protection insurance (and the full suite including trauma, total and permanent disability and life insurance) when I bought my first house, with CommInsure. With all the recent media coverage I'm feeling unsure that my premiums are good value for money and I will get a payout if I ever need to claim. Please advise.

Kath

Hi Kath,

The 4 Corners story on CommInsure (the insurance business of the CBA), uncovered serious cultural flaws in Australia’s biggest bank. The bank’s CEO, Ian Narev came across as a complete and utter banker.

The truth is that a lot of CommInsure policies are sold in much the same way that Maccas sells it fries: as a juicy upsell on another transaction: in your case, you got a side serve of insurance your mortgage.

I’d talk to a financial advisor to insure that you have adequate cover, and have them review your policies to ensure that in the event of a claim, you’ll be covered.

What the 4 Corners investigation showed, was that you can’t trust the CBA to do the right thing.

Scott