CommInsure has launched an annual automatic rollover option within its retail superannuation risk product that allows clients to use their superannuation to fund premiums rather than pay them out of their personal savings.
Under the new offering, premiums for CommInsure's Total Care Plan Super (TCPS) can be funded through annual rollovers from Colonial First State's (CFS) FirstChoice and FirstWrap platforms.
Premiums funded by rollover money could also earn a renewal reward of up to 15 per cent, enabling CFS clients to access TCPS at a reduced rate, CommInsure general manager retail advice Tim Browne said.
Browne said the company's decision to offer the rollover was part of the firm's bid to lessen Australia's underinsurance problem.
He said the rollover option was part of a series of improvements to the offer and was driven by financial advisers.
CommInsure had a similar project underway, though after receiving feedback from advisers the firm tailored the project and released it to the market, he said.
"We are committed to making it easier for Australians to access and pay for insurance. By using this method to fund premiums, customers do not need to pay for insurance from their personal savings," he said.
"This means insurance is now even more affordable for many more people."
Clients can select from which specific investment options within their CFS superannuation account the premium funds are withdrawn.
TCPS applications can be made through CommInsure's WriteAway.
CommInsure has an in-force risk book of more than $1.5 billion and more than 3 million customers.
