CommInsure will allow life insurance clients to use funds in their Colonial First State investment platforms to pay their premiums.

The insurer’s Total Care Plan Super can be funded by automatic annual rollovers from the FirstChoice and FirstWrap platforms.

Clients will be able to select a specific investment within their superannuation account to deduct the premium from. Premiums funded by rollover money can also earn a renewal reward of up to 15%.

Total Care is a superannuation life insurance product covering death, total and permanent disablement (TPD) and income protection risks.

CommInsure’s GM Retail Advice Tim Browne says the move will make it easier for clients to access and pay for life insurance.

Advisers can make the rollover applications using CommInsure’s WriteAway electronic application system.

Mr Browne says using WriteAway, advisers can receive a decision on their client’s application in minutes, rather than the up to six week processing time for paper applications.

Meanwhile, CommInsure has made a number of changes to its life insurance products including increasing TPD limits to $5 million for any occupation.

Combined with the permanent disablement option in the insurer’s income protection products, clients could receive up to a maximum benefit payout of $8 million (tax free outside of super) if they suffer any of the 19 day one conditions, Mr Browne says.

CommInsure has also removed post-natal depression from the list of exclusions and will pay full trauma benefits on diagnosis of prostrate cancer.

The insurer has now included income protection in its Total Care Plan Super for clients wanting to buy cover through superannuation. Previously the cover was only available for members of self-managed super funds.