Loan Protection Insurance

Protecting you if the unexpected happens.

Loan protection is an insurance policy that covers the loan repayments if you cannot work due to accident or sickness, or become unemployed through no fault of your own, and will pay the loan out if you pass away.
Many of our customers like the peace of mind from having loan protection, knowing that they will not be under financial stress if put into these situations. What are your thoughts?

1. Life Insurance

   Now, touch wood, we’re hoping this doesn’t happen. But if you were to pass away the life insurance will cover the loan. In this circumstance, your spouse (dependants/partner/parents) will not be burdened with the cost of repaying the loan.
   Many of our customers that are married don’t want to put their spouse into that financial situation.

2. Involuntary Unemployment

   If you were to lose your job through no fault of your own then involuntary unemployment insurance will cover the repayments.
   Many of our customers who have been in their job for a short period of time (or who have skills specific to their workplace) see the benefit of having this as protection.

3. Disability Cover

   Disability insurance will cover you if you can’t work in the event of sickness or accident. For example, if you played sport and broke your arm and in turn could not work, disability insurance will cover you.
   Many of our customers appreciate the benefit of not being under financial stress if this situation were to occur.

4. Trauma Cover

   Trauma cover provides you with a lump sum payment if in the unfortunate event you suffer from something that is more long term, for example cancer or a stroke.
   Many of our customers in a high stress workplace find this cover gives them peace of mind that they can maintain their lifestyle whilst recovering.

It is important to note that loan protection products are not required products for any sort of loan or finance approval. All insurance companies that offer this product have different terms and conditions, inclusions and exclusions, payout limits and waiting periods, so it is important to read the product disclosure statement (pds) from each insurer so you can make an informed decision, before deciding to purchase; or not purchase this insurance product taking into account your own situation.