Home Loan Protection: ALI Group or a Bank?
Home loan protection is a type of insurance that’s often presented by banks as a complementary product for a mortgage. In a nutshell, it’s designed to provide financial assistance to mortgage holders who have taken out a home loan and consequently find themselves unable to generate an income during a serious life event.
What is ALI Loan Protection Plan?
Firstly, ALI Loan Protection Plan has three types of benefits which are bundled in one policy. This could provide a financial safety net in the event of the following types of life events:
1 - In the case of death or terminal illness, your estate could receive a minimum of $50,000 and a maximum of $750,000 (depending on your policy specifics).
2 - When dealing with any of our listed 11 medical conditions
, you could receive a living benefit up to 50% of the death and terminal illness benefit^. For example, if you had a Death and Terminal Illness Benefit of $300,000, you could receive a Living Benefit of up to $150 000.
3 - If you become involuntarily unemployed in the first five years of your policy you could be eligible to a benefit for up to $2,500 per month for up to three months to help you get back on your feet.
We’ve developed our Loan Protection Plan with home and property buyers in mind, and unlike other bank protection products, your policy with ALI Group isn’t linked to your home loan. If you decide to change your lender, you’ll remain financially protected for the duration of your policy. And since it’s not tied to the loan, your cover keeps going even if your loan stops or you pay it off.
In addition to this, and unlike many banks, ALI pays you (or your estate) your financial benefit, not your lender. This gives you and your family the financial freedom to use your home loan protection benefit as you see fit.
What about eligibility?
We believe in helping as many homeowners as we can to stay financially protected against the challenges that life can present from time to time.
That’s why you’re automatically eligible for cover with ALI if you’re an Australian or New Zealand citizen or permanent resident residing in Australia, aged between 18-59 years old who has applied for a home loan or loan increase in the last 12 months. There are also no medicals or health questions required.
Our team is here to look after you
With our Loan Protection Plan, you aren’t required to fill out lengthy forms when you need to claim because we want to make things as straightforward as possible.
Our experienced team is here to maintain one-to-one contact should you need their help and we’ll keep you fully informed at every stage of your claim.
Additionally, with our home loan protection, you have the flexibility to adjust your cover to suit your budget and align your premium payments with your pay cycle or loan repayments. Another great benefit is that we’ll also provide you with 30 days of complimentary cover to give you time to check details and make sure Loan Protection Plan meets your needs.
Ready to get started with your home loan protection? Speak to one of our ALI mortgage brokers
today, or alternatively, request your Loan Protection Plan quote
^Refer to https://www.aligroup.com.au/lpp for more information and full terms and conditions.
About Emma Flanagan
Emma is the Senior Marketing and Communications executive at ALI Group. After completing a Bachelor of Communication with a Major in Journalism, Emma spent a couple of years living, travelling and working abroad before making her way home to Australia. Now, with firm roots back in her home town of the Central Coast in NSW, her and her husband just bought their very first home with the help of their mortgage broker. Now, Emma is here to help FHBs just like her by providing informative and educational content and to keep them abreast of what’s what when it comes to buying, refinancing and protecting themselves and their family from financial hardship.
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 AFSL 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
(available at www.aligroup.com.au) when deciding if this product is appropriate for you. © ALI Group 2019.