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Loan Protection Insurance

Loan Protection Insurance is designed to help with your loan repayments in the event an unforeseen event occurs

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Loan Cover Insurance and Mortgage Repayment Insurance are designed to help with your loan repayments up to the policy limits if you die, become terminally ill or if you are involuntarily unemployed or unable to work due to injury or illness.

Loan Cover Insurance and Mortgage Repayment Insurance are optional. They are not a condition of your loan agreement approval.

There are two types of insurance to choose from:

Loan Cover Insurance

Loan Cover Insurance is designed to meet your personal loan repayments up to the policy limits. 

Depending on the cover you select and apply for, key features include:

  • Cover for 24 hours a day; 7 days a week (waiting periods apply for Disability and Involuntary Unemployment covers)
  • A death and terminal illness benefit up to the policy limits, with a maximum cover available of $80,000
  • A monthly disability benefit
  • An involuntary unemployment benefit
        - for up to a maximum of 120 days per claim; or 
        - up to a maximum of $10,000 for any one policy period,
    whichever occurs first.

Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision, please consider the Loan Cover Insurance Product Disclosure Statement and the Five Year Mortgage Repayment Insurance & Loan Cover – Important information and ways to pay your premium brochure.

Five Year Mortgage Repayment Insurance

Five Year Mortgage Repayment Insurance is designed to meet your mortgage repayments up to the policy limits.

Depending on the cover you select and apply for, key features include:

  • Cover for 24 hours a day; 7 days a week (waiting periods apply for Disability and Involuntary Unemployment covers)
  • A death and terminal illness benefit up to the policy limits, with a maximum cover available of $750,000
  • A monthly disability benefit for up to a maximum of 24 months
  • An involuntary unemployment benefit
        - up to a maximum of $3,000 per month for up to a maximum of 120 days per claim; or
        - up to a maximum of $10,000 in any one policy period,
    whichever occurs first.

Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision, please consider the Five Year Mortgage Repayment Insurance Product Disclosure Statement and the Five Year Mortgage Repayment Insurance & Loan Cover – Important information and how to pay your premium brochure.

Minimum and Maximum Levels of Cover

Depending on the cover you select and apply for, there are limits to the levels of cover you can purchase.

When you apply for Loan Protection Insurance:

  • The minimum level of cover you can apply for under this policy is $5,000
  • The maximum level of cover you can apply for under this policy is $80,000

When you apply for Five Year Mortgage Repayment Insurance:

  • There are no minimum levels of cover you can apply for under this policy
  • The maximum level of cover you can apply for under this policy is $750,000

When you are applying for either cover, the maximum total combined current cover for all consumer credit insurance policies issued by us, including this application must be no more than $750,000.

 

To apply for this insurance, please ensure you meet the following eligibility requirements

To be eligible to apply for all types of cover, you need to…

  • Be applying for the insurance to cover your obligations under a loan agreement**
  • Be in good health and not be aware of having any sickness or disability that a reasonable person in the circumstances would be aware of
  • Be a permanent resident of Australia.
To be eligible to apply for disability cover, you need to… To be eligible to apply for involuntary unemployment cover, you need to…  To be eligible to apply for death and terminal illness cover, you need to…
  • Be at least 16 years old  and not yet turned 60 years old
  • Be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward
  • Have no knowledge or warning of any proposed or actual termination or decrease in the work available to you
  • Be at least 16 years old and not yet turned 60 years old
  • Be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward
  • Not be self-employed,
  • Not be employed or contracted:
    - casually, irregularly or seasonally; or
    - under a contract limited to a specified
      work period, for example, a traineeship or
      apprenticeship; or
    - For completion of a specified task
  • Have no knowledge or warning of any proposed or actual termination or decrease in work available to you. 
  • Be at least 16 years old and not yet turned 60 years old
  • If selecting Loan Cover insurance, be at least 25 years old and not yet turned 60 years old
** Application for insurance can be made either at the beginning of a new loan agreement or during an existing loan agreement. If you apply for insurance at the beginning of a new loan agreement, you have the choice to pay your premium within your loan or separately through monthly instalments. Where the premium is paid as part of the loan, interest may be payable on that premium. If you apply for insurance during an existing loan agreement, you can pay your premiums through monthly instalments. Please refer to the Five-Year Mortgage Repayment Insurance & Loan Cover Important Information and ways to pay brochure for more details (link below). 

 

Cooling off rights

You have a cooling off period of 30 days from the effective date of your final cover. During this period you can return your policy and receive a refund of your premium, unless you have made a claim or the period of insurance has ended or a covered event that will start and end within the cooling off period has started.

To apply for this insurance, please ensure you meet the following eligibility requirements.

You can make a claim by calling 1300 362 108 between 8.00am - 5.00pm Monday to Friday, Australian Eastern Standard Time excluding public holidays.

 

For more information about these products, please refer to:

 

Southern Cross Credit Union ABN 82 087 650 682 AFSL 241000 arranges this insurance as agent of the insurer Allianz Australia Insurance Limited (“Allianz”) ABN 15 000 122 850 AFSL 234708. Allianz is the insurer of the Disability cover and Involuntary Unemployment cover and is only responsible for these covers. Allianz Australia Life Insurance Limited (“Allianz Life”) ABN 27 076 033 782 AFSL 296559 is the insurer of the Death and Terminal Illness cover and is only responsible for this cover. Allianz acts as Allianz Life’s agent in offering and administering the Death and Terminal Illness cover.

We do not provide advice on this insurance based on any consideration of your objectives, financial position or need. Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision please consider the relevant Product Disclosure Statement available on our website. If you purchase this insurance, we receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.

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