Mortgages are often long term commitments, so it makes sense to protect yours with Mortgage Loan Repayment Insurance.

CUNA Mutual loan repayment insurance, provides members with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, you and your family's assets will be safe and your loan repayments will be taken care of.

Highlights

• Cover applies 24 hours a day, 7 days per week
• Death benefit up to $250,000
• Disability benefit up to $3,000 per month
• Involuntary unemployment benefit up to $3,000 per month of unemployment
• Trauma benefit up to $50,000

Note: For mortgage loans under $50,000 with a maximum 10 year term, Personal Loan Repayment Insurance cover is available

There are two main benefits. You can choose one or both of these benefits with your cover:

• Death benefit
• Disability benefit

There are two additional benefits available in conjunction with the disability benefit:

• Involuntary unemployment benefit
• Trauma benefit

Death Benefit
In the event of death, the insurer will pay the outstanding balance of your loan contract at the date of death (excluding any loan repayments two months or more in arrears), to a maximum of $250,000. ^

Disability Benefit
If you are unable to work because you have suffered an injury or sickness, the insurer will pay your repayments as shown on your policy schedule, for each payment period that you are disabled provided that:

• The disability continues for at least 28 consecutive days from the date you first seek medical attention for the injury or sickness which causes the disability; and
• The monthly benefit is no more that $3,000. ^

Involuntary Unemployment Benefit
If you are unable to continue your permanent employment as a direct result of involuntary dismissal or retrenchment by an employer, the insurer will pay the repayment as shown on your policy schedule, to a maximum of $3,000 per month after the 28 day waiting period for each period of involuntary unemployment you experience. ^

Trauma Benefit
If you suffer a trauma, the insurer will pay to you the lesser of the amount you nominate in the application and the outstanding balance of your loan contract at the date you suffered the trauma. You may nominate a figure from $10,000 to $50,000 (in multiples of $10,000). Only one claim will be paid during the period of insurance and no claim will be payable in the first 90 days of cover. ^

Learn More

Review our Loan Insurance Product Disclosure Statement

Questions?



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