Loan Protection Insurance
It often takes us years of hard work to obtain the things of value to us, whether this is our family, the family home and contents or a car.
An integral part of any financial planning is ensuring that the things you value are protected.
We can offer you top quality cover through our arrangements with CGU Insurance.
Mortgages or loans are often long term commitments, so it makes sense to protect them with Loan Repayment Insurance. Loan Repayment Insurance provides you with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, your assets will be safe and your loan repayments will be taken care of.
Please note: Loan repayment insurance can only be taken out when your loan has been approved prior to funding.
- Cover applies 24 hours a day, 7 days per week
- Death benefit up to $500,00
- Disability benefit up to $3,500 per month
- Involuntary unemployment benefit up to $3,500 per month of unemployment up to $10,500
- Trauma benefit up to $50,000
There are two main covers. You can choose one or both of these benefits with your cover:
There are two additional covers available:
(You must select Disablement cover if you wish to select Involuntary unemployment cover)
In the event of your death, we will pay, on behalf of the Life insurer the lesser of:
- the Loan balance, or
If you are unable to work because you have suffered an injury or sickness, the insurer will pay your repayments as shown on your policy schedule:
- For the first 12 months you are continuously unable to perform the duties of an occupation for which you are reasonably qualified by education, training or experience (exluding the first 21 days).
- After the first 12 months that you are unable to engage in or attand any gainful occupation (to a maximum of 30 months) provided that the monthly benefit is no more that $3,500.
If you are unable to continue your permanent employment as a direct result of involuntary dismissal or retrenchment by an employer, the insurer will pay the repayment as shown on your policy schedule, to a maximum of $3,500 per month, for a maximum of 180 days, (after the 21 day waiting period) for each period of involuntary unemployment you experience.
If you suffer a trauma, the insurer will pay to you the amount you nominate in the application up to $50,000.
- For detailed information on the cover and limits provided you should read the Product Disclosure Statement and Supplementary Product Disclosure Statement
Note: these documents are provided in .pdf format and require version, 4.0 (or later) of Adobe Reader. You can download Adobe Reader by clicking on the "Get Adobe Reader" button below.
CGU Insurance Limited ABN 27 004 478 371 I AFS Licence No. 238291 is the underwriter of this insurance. In arranging this insurance Macquarie Credit Union, AFSL No. 241132, ABN 85 087 650 253 acts as an agent for CGU, not as your agent. The information contained in this guide is a summary only. We cannot advise you whether the insurance is appropriate for your personal objectives, financial situation or needs. To decide if it is appropriate for you, please carefully read the relevant policy documents (Product Disclosure Statement), which are also available at our branches. If you purchase this policy, we will charge you an agreed premium, including any relevant taxes and charges.