Loan Repayment Protection provides financial assistance where you suffer a serious illness or injury that is likely to prevent you from making your loan repayments for a period of time.
Between 6 and 36 monthly benefits will be paid if the insured person suffers from one of the 52 crisis events covered. The diagram above shows just some of the crisis events covered as well as the number of monthly benefits that will be paid for each type of crisis event. Cover will continue until the 36 monthly benefits provided by the policy are fully paid.
The monthly benefit is set at the amount of your monthly loan repayment rounded up to the next $100, subject to a minimum of $1,000 and a maximum of $10,000.
Loan Repayment Protection also includes an Unemployment Benefit for involuntary unemployment occurring during the first year. Cover extends to self employed and persons on fixed term contracts. Pays a maximum of three monthly benefits* (max $2,500 per month). * a one month waiting period applies
Click here to view Important Information