1300 361 360

What are Loan Insurances and why you might need them.

Loan insurances are there to cover you and your family financially in the event the unexpected happens and you can no longer meet your loan repayments or pay the balance of your loan. Often without warning your financial situation can change dramatically resulting in excess financial stress and burden during already difficult times, including:

  • Accidents, injuries or trauma that leave you unable to work
  • Driving restrictions due to medical reason
  • Involuntary unemployment
  • Self-employed bankruptcy
  • ‘Total Loss’ or write-off of your vehicle
  •  Permanently disability or death

 

Learn more about the loan insurance types below, or call our Customer Service team on 1300 361 360.

Types of loan protection insurance available:

Covers your loan repayments if you cannot

Consumer Credit Insurance covers your loan repayments in the event you can not due accident, injury, disability, involuntary unemployment or even death. This type of Insurance is specific to the loan itself and different from Income Protection or Life Insurance. (Please refer to the Product Disclosure Statement for full Terms, Conditions including claim limits).

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Covers financial shortfall if you need to terminate your loan

Loan Termination Insurance covers you in the event of the unexpected and you wish to terminate your loan early to reduce the financial burden of debt. With LTI, you can either choose to hand the vehicle back to the dealer and have any shortfall in your loan amount paid out. Or you could retain the vehicle and LTI will make lump sum payments to the loan on your behalf. (Please refer to the Product Disclosure Statement for full Terms, Conditions including claim limits).

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Covers financial shortfall if your asset is 'written off'

Shortfall Insurance (GAP) covers you in the event your asset is declared a 'total loss' or a 'write off' by your insurer due to an accident or being stolen. Shortfall Insurance pays your financier the different between your Comprehensive Insurance payout and the amount owing on the loan. (Please refer to the Product Disclosure Statement for full Terms, Conditions including claim limits).

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