Commonwealth Bank will soon introduce a new feature for all CBA owner-occupied home loan customers, providing them with a basic level of cover of up to 12 months of mortgage repayments in the event of death or terminal illness.
The new ³Ô¹ÏÍøÕ¾ Loan Compassionate Care feature is part of an exciting range of new and innovative propositions to meet CBA customers’ insurance needs.
Commonwealth Bank Group Executive Retail Banking Services, Angus Sullivan, said the new insurance cover would be officially launched in early 2020.
“All of our new and existing owner-occupied home loan customers will receive our ³Ô¹ÏÍøÕ¾ Loan Compassionate Care,” he said.
“Customers will also be able to purchase additional cover, at their discretion, based on their needs from a range of new products and features that will soon be launched.
“This range of products will reflect improvements we are making to our design and sales processes, in line with recommendations from ASIC and the industry, to help improve customer outcomes.
“At Commonwealth Bank, we understand that a home loan is one of the biggest financial commitments a customer can make. Paying off a mortgage is a long term commitment and when a family goes through the hardship of terminal illness or the loss of a loved one, they should not have to worry about their family home,” Mr Sullivan said.
The new complimentary ³Ô¹ÏÍøÕ¾ Loan Compassionate Care will provide owner-occupied customers with up to 12 months of mortgage repayments in the event of terminal illness or death of the borrower, spouse and/or dependents.
These planned new products and features will be developed with CommInsure to meet CBA customers’ insurance needs. Following the CommInsure divestment it is proposed further new products will be developed with AIA through the partnership between CBA and AIA. The announced divestment of CommInsure in Australia to AIA Group is still pending regulatory approvals.
