Consumer Credit Insurance
When you borrow money your focus is usually on the purpose of the loan and the way that it will enhance your lifestyle – but whatever your plans are for the money, the fact is you should also think about planning for the unexpected.
A loan agreement commits you to specific repayment obligations, and if for some reason you were unable to continue to meet those obligations, you or your family would still be liable.
Consumer Credit Insurance helps you secure those commitments, protecting you and your family from the financial consequences of the unexpected, by offering a range of options that can include cover for disability, trauma and death, and involuntary unemployment.
Loan Protection Insurance premiums vary depending on which option you choose and cover applies until you reach 65 years of age.
You may choose any one of the following combinations of cover:
- Trauma and Death, Disability and Involuntary Unemployment
- Disability and Involuntary Unemployment
- Trauma and Death and Disability
- Disability only
- Trauma and Death only
With Life cover and Trauma cover, Consumer Credit Insurance can pay out the outstanding balance of your loan up to a maximum of $100,000.
With Disability cover, if you are unable to work for more than 7 days, Consumer Credit Insurance can pay your minimum monthly loan repayments up to a maximum of $3,000 per month and $100,000 in total.
With Involuntary Unemployment cover, if you are involuntarily unemployed for more than 7 days, Consumer Credit Insurance can pay your minimum monthly loan repayments up to a limit of $4,000 over 120 days per claim, and a limit of $10,000 in total.
Product Disclosure Statement
This website contains general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on this advice you should assess whether it is appropriate for you. You should also consider the relevant Product Disclosure Statement (PDS) before making any decision about a product detailed on this website.
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