Death and Total and Permanent Disablement (TPD) insurance cover can help look after you or your family in the event something happens to you.

The following information is summary of default cover. You should read our Reference Guide: Insurance cover (Death & TPD) for more information. 

Eligibility for default Death and TPD cover

Death and TPD cover provides a lump sum benefit if you are totally and permanently disabled, you become terminally ill or you die.

Generally, you're eligible for default cover if you're employed by the Commonwealth Bank Group (the Group) on a permanent basis or on a fixed term arrangement - full eligibility rules are provided in our Reference Guide: Insurance cover (Death & TPD).

Start of default cover

Default cover generally doesn’t start immediately upon joining the fund or becoming eligible for cover – you must meet certain age and account balance criteria before this cover starts. This will generally be on the earliest of the following dates:

  • Automatic start: The date you meet both of the following: (i) you’re at least aged 25 and (ii) your account balance is at least $6,000, or
  • Early opt-in: The date you request to start your default cover within the early opt-in period, which is within 120 days of joining Accumulate Plus or first becoming eligible for default cover.

Insurance premiums for default cover will start being deducted from your account balance each month once your cover starts.

If you became eligible for default cover before 1 April 2020, your cover generally started from the date your Accumulate Plus account was opened.

Amount of default cover

The default amount of Death and TPD cover is calculated as 4 times your notional* salary as at the date your cover begins, up to an automatic acceptance limit of $1.5 million cover.

The Group generally provides us with updated information each month so if your salary increases or decreases, your multiple-based cover (as well as your insurance premiums) increases or decreases accordingly.

*  ‘Notional salary’ is an amount determined by the Group, as your employer, for us to use to calculate default cover. The Group generally provides us with updated information each month so if your salary increases or decreases, your multiple-based cover changes accordingly. Your notional salary for insurance purposes may be different to your actual salary.

Do you have the right cover at the right time?

Of course, it’s important to always consider your personal circumstances to ensure you have the right amount of cover to suit your needs.

You can cancel or decrease your insurance cover, or apply to increase your cover at any time:

If you are not eligible for default cover, you may still be eligible to apply for cover:

 
 

Other useful resources

    Insurance through super

    Most super funds offer insurance within your account, providing an effective option to help protect you and your family. Find out more about how it works. (Source: ASIC MoneySmart)

    Insurance through super: It could be more cost-effective

    Your super fund can do more than safeguard your retirement – it may also be a cost-effective way to purchase insurance. (Source: CommBank)

    Insurance: inside or outside super?

    There are several things to consider before figuring out whether to hold insurance inside or outside your super. (Source: CommBank)