Personal and car loans can add up to be substantial commitments, so it makes sense to consider Personal or Car Loan Repayment Insurance.

Loan Repayment Insurance provides 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 $1,500 per month
• Involuntary unemployment benefit up to $1,500 per month of unemployment
• Trauma benefit up to $50,000

Key Features

• Life cover
• Disablement cover

There are two additional covers available:

• Involuntary unemployment cover
• Trauma benefit

Life cover
In the event of death:

• the insurer will pay the outstanding balance of your loan contract at the date of death, to a maximum of $250,000.^

Disablement cover
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, i.e:

• The disability continues for at least 15 consecutive days from the date you first seek medical attention for the injury or sickness whichever causes the disability; the monthly benefit is no more than $1,500.^

Involuntary unemployment cover
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 $1,500 per month, for a maximum of 90 days, (after the 14 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. ^

Would you like to know more about Personal / Car Loan Repayment Insurance?
Download our Personal/Car Loan Repayment Insurance Product Disclosure Statement

Questions?

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