One of the best and worst things in life is we really do not know what tomorrow holds for us. Some will find this exhilarating and live every day like it’s their last, but others like to make sure we are putting the right plans in place in case life turns a corner we weren’t hoping for.
When it comes to the big milestone of buying your first, second or even third home or property, for most of us, this will be our biggest and most valuable asset over the course of our lives.
We understand the financial pressure and the risks involved, which is why we want to help you prepare the best way you can, in case life throws you a curve ball you hadn’t planned for.
We’ve helped to protect almost 200,000 Aussies just like you, from financial hardship. Keep reading if you’d like to learn more.
Financial Safety Nets
Whether you live on the edge or you take meticulous care in life, one thing is for sure, no one wants to be in a position where you must sell your home or property because of financial hardship.
This is where we introduce you to Loan Protection insurance. Loan protection is a type of insurance that’s designed to help homeowners keep hold of their property if certain serious life events* disrupt their wage-earning potential.
Often, you’ll find that home loan protection is a type of insurance that’s offered by banks and lenders as an additional product to your mortgage.
However, banks and lenders frequently have certain conditions in place with their loan protection insurance products, such as:
1. Your mortgage protection is tied to a specific home loan
2. Your lender will receive the insurance payout, not you
3. You may need to fill out lengthy forms
4. You may be required to undergo mandatory medical evaluations
Thankfully, ALI's Loan Protection Plan is far more straight forward than banks and lenders, but we’ll go into that in greater detail later.
Why it's important to have some cover in place
Debt is something that can mount and spiral out of control if you don’t have a financial buffer in place to help you through difficult times. Sadly, people who suffer a serious life event and don’t have savings or mortgage protection may run the risk of falling being on their monthly payments at best and losing their home at worst.
Loan protection insurance is a form of asset protection which provides you with a financial benefit should you require it as well as peace of mind throughout its term.
You can also consider taking out just some cover as opposed to full cover. ALI Group offers flexibility, so you can take out a level of cover you can afford and have peace of mind that you have at least something in place instead of nothing at all.
The ALI Difference
ALI offers home loan protection that includes 3 types of benefits.
1. If death or a terminal illness befalls you, your family or estate could receive a minimum of $50,000 and a maximum of $750,000. The actual amount will depend on your amount of cover.
2. ALI covers 11 medical conditions with a living benefit that totals up to 50% of your potential death or terminal illness benefit. So, if your death and terminal illness benefit was $400,000, your Living Benefit could reach $200,000.
3. Should you lose your job involuntarily in the first five years of your ALI policy, you’ll be eligible to receive up to $2,500 per month for up to a three-month period while you look for a new position.
In addition to ALI’s home loan protection policies, we’re proud to do things differently to home loan lenders. With us, you’ll receive your financial benefit instead of your lenders and your ALI policy will follow you no matter where you move*.
But, as an added bonus, you won’t need to complete any intrusive medical examinations to determine your eligibility and we’ll offer you 30 days of complimentary cover.
To learn more about how Loan Protection Plan might help you financially protect your future today, please don’t hesitate to contact your local mortgage broker, or alternatively, request your home loan protection quote here.
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.