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Loan Protection Plan

Whether you’re buying or re-financing, covering yourself is easy with our Loan Protection Plan

How to keep your home(even if you lose your health)

Your home or property may be your biggest financial asset. So do you know how you (or your family) would meet the mortgage repayments if you lost your job, suffered a serious injury or illness, or even died?

If you haven't got a clear plan to protect your mortgage, you're not alone. Most people don't even like to think about it – even though they need to.

The good news is that covering yourself is easy with Loan Protection Plan.

Best thing is – the benefits are all yours.

Watch the explainer video

One policy, three types of benefits

The ALI Group Loan Protection Plan gives you protection for a wide range of critical life events across three areas plus an optional extra:

Need help with your policy?

Give us a call
Call 1800 006 776
1 Living Benefit

Get financial support during time of a crisis for eleven serious medical conditions:

  • Cancer*
  • Heart attack*
  • Stroke*
  • Coronary artery bypass*
  • Alzheimer's and Dementia
  • Kidney failure
  • Paralysis
  • Severe burns
  • Loss of independent existence
  • Total loss of hearing
  • Total loss of sight

Pre-existing condition exclusions apply, and a 3 month exclusion period applies to those conditions marked with *. Please read the full details in the PDS.

2 Death and Terminal Illness Benefit

A lump sum benefit to help keep the roof over your family’s head:

  • Payment of up to $750,000
  • Operates independently of loan
  • Benefit is paid to joint policy owner or your estate, not the lender
Involuntary Unemployment Benefit

Be paid up to three months' benefits for involuntary unemployment occurring during the first five years of our Loan Protection policy – a financial helping hand while you look for work.

Accidental Injury Benefit (Optional)

Financial assistance while you're on the mend. Three months' benefits when you can't work for 30 days or more due to accidental injury*.

The benefits are all yours

benefit1

We pay you, not your lender

Most loan protection plans pay the lender – not you. ALI Group pays you (or your estate). What this means is that you can choose how you use your payout.

benefit2

You’ll be well-looked after

Our claims team will maintain one-to-one contact to make things as easy as possible. There are no lengthy forms and we’ll keep you informed every step of the way.

benefit3

You get the best of both worlds

While we may offer a 'boutique' service, we're backed by Hannover and QBE Australia – two of the world’s largest insurers and reinsurers.

benefit4

You’re always protected

A Loan Protection Plan policy is not linked to your loan like other bank protection products. So if you change lenders, you're still protected (for the life of the policy).

Key policy features

Applying for cover is easy via a simple application process. Find out more about how you can access this cover.

Need help with your policy?

Give us a call
Call 1800 006 776
1 Eligibility

You’ll automatically be accepted for cover if you are:

  • Aged 18 to 59 years
  • An Australian or New Zealand citizen or permanent resident residing in Australia
  • An applicant or borrower on a loan (or loan increase) taken in the last 12 months
Product Flexibility
  • Adjust your cover to suit your budget
  • Align your premium payments with your pay cycle or loan repayments
Benefits
  • Death and Terminal Illness Benefit: Pays a benefit to you or your estate, minimum of $50,000 and maximum, $750,000
  • Living Benefit: Covers 11 serious medical conditions. Equal to 30% of the Death and Terminal Illness Benefit.
  • Involuntary Unemployment Benefit: Pays a maximum of three monthly benefits at the rate of 1% of the Death and Terminal Illness Benefit per month (maximum $2,500 per month)^.
  • Accidental Injury Benefit (optional) : Pays a maximum of three monthly benefits, each being 1% of the Death and Terminal Illness Benefit per month (maximum $2,500 per month).
Exclusions
  • Suicide/self-inflicted within 13 months (Death and Terminal Illness)
  • Self-inflicted insured events (Living and Accidental Injury Benefits)
  • Any insured condition or unemployment existing at commencement (or in first three months for four insured conditions marked*)
  • Insured events caused by certain prior conditions or adverse family medical history+
  • Unemployment caused by certain events that effectively deem it 'voluntary'
  • For full details refer to the PDS
One More Thing
  • 30 days complimentary cover to protect you through the loan process

Claim stories

Cheryl-Thumbnail

Cheryl's story Cancer | Living Benefit

Fit, healthy and refinancing her house, Cheryl didn't think much about getting loan protection.
See Story See all stories
Natalie-Thumbnail

Natalie's story Cancer | Living Benefit

Natalie reflects on a childhood photo and says "I am looking at Rhonda as if she will save me one day".
See Story

Loan Protection Plan is jointly issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness, Living and Accidental Injury Benefits) and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 (Involuntary Unemployment Benefit). It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSG 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your personal objectives, financial situation or needs. You should consider the Product Disclosure Statement when deciding if this product is appropriate for you.

If you have an existing policy with us your benefits may differ. Please contact us to discuss.

✝ A three month exclusion period applies to these conditions.
∆ One month waiting period applies.
◊ Optional health questionnaire available.