Loan protection insurance
When you first take out a loan it’s because you know you can afford to. But a change in jobs, relationships or health can leave you struggling to make your repayments. Loan protection insurance protects you against the unexpected!
Loan protection insurance will assist you:
- if you are off work due to sickness or an accident
- if you become involuntarily unemployed
- in the event of death
- in the event of trauma
What is loan protection insurance?
Depending on the type of protection you have selected loan protection insurance* pays or contributes to your loan repayments if you are unable to work due to injury or sickness or in the event that you become involuntarily unemployed. In the event of your death, life cover will repay your outstanding loan balance.
Credicover Loan Repayment insurance protects personal loans and overdrafts up to $50,000.
Essential Cover protects mortgage loans and revolving credit facilities up to $500,000.
* Loan repayment insurance is optional, although recommended by your Credit Union. Loan repayments will be made for you (either in part or in full). Cover is also available for joint borrowers. Eligibility conditions may apply.
For more information contact us on 133 cua (133 282).
Essential Cover Loan Repayment Insurance is issued by Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680. AFSL No 238292. ("Swann"). Life and cash assist components are underwritten by The National Mutual Life Association of Australasia Ltd ABN 72 004 020 437 AFSL 234649. Before making a decision on this product, you should read the relevant product disclosure statement. You can also obtain a copy of the PDS by contacting Swann.
Credicover Loan Repayment Insurance is issued by Credicorp Insurance Pty Ltd ABN 50 069 196 756 AFSL No. 238335. The disability and involuntary unemployment component of this policy is underwritten by Credicorp Insurance Pty Ltd ABN 50 069 196 756 which is a wholly owned subsidiary of Credit Union Australia Ltd ABN 44 087 650 959 AFSL No. 238317. The Life Insurance component is underwritten by arrangement with Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 AFSL No. 238292 ("Swann"). Swann holds an insurance policy issued by The National Mutual Life Association of Australasia Ltd ABN 72 004 020 437 on trust for Credicorp Insurance Pty Ltd customers. Before making a decision on this product you should read the product disclosure statement for Credicover Insurance. You can obtain a copy of the PDS by contacting Credicorp Insurance Pty Ltd on 07 3365 0289.
