Loan Protection Insurance
Covering your commitments if the unexpected happens.
There are all sorts of reasons you might want to borrow money. It could be for a new car, a boat, to consolidate debt, or for a much needed holiday. And even though repaying the loan is a significant medium or long-term commitment, it’s one you’ll have weighed up and are ready for.
What you may not be so prepared for are the unforeseen events life can deal us – accidents, illness, or involuntary unemployment – all of which bring pressure and uncertainty. Covering any loss of income and additional expenses they cause would be bad enough, without worrying about the burden of loan repayments as well.
|Key Features||Benefit||Main Conditions|
|Life Cover||In the event of your death, pays the outstanding balance of your loan, including any arrears in monthly repayments up to two (2) months at the date of death, and less a rebate of charges.||Cover available up to a maximum of $100,000.|
|Trauma Cover||Pays the amount of cover selected by you in the event of positive diagnosis of any of the listed diseases such as chronic kidney failure, heart attack, coronary artery by-pass surgery, stroke, major organ transplant and cancer.||Automatic cover of $10,000. You may elect to increase cover in multiples of $5,000 up to $50,000.|
|Disability Cover||For each day you are unable to work due to illness or injury, Disability cover will pay to your Financial Institution 1/30th of your minimum monthly repayment until you are able to return to work.||Maximum payable regardless of number of claims made during the period of insurance is $100,000.|
|Involuntary Unemployment Cover||Should you involuntarily lose your job, for each day you are unemployed, Involuntary Unemployment cover will pay to your Financial Institution 1/30th of your minimum monthly repayment for up to 120 days or until you return to work, whichever occurs first.||Maximum payable regardless of number of claims made during period of insurance is $7,500.|
- To apply for Loan Protection Insurance, contact First Option.
- To apply for a loan online, click here.
- Download the Loan Protection Insurance PDS.
If you have any questions, please contact us.
Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545 for Disability and Involuntary Unemployment and ING Life Limited ABN 33 009 657 176 AFSL 238341 for Life and Trauma.