How to make a Loan Protection claim

Benefit

Involuntary Unemployment

Potential Benefit

The unemployment benefit for each day of unemployment (up to a maximum of 12 months) is 1/30th of the monthly benefit, which is the lesser of:

• Your minimum monthly repayment, or
• (Home loans only) 1% of your home loan balance, as at the date the policy started, or as otherwise agreed with you as shown on your policy schedule, or
• $7,500

However, the minimum benefit we will pay is $600 per month.

Eligibility Criteria

• You need to have lost your job involuntarily
• You must have been working more than 15 hours per week on average in non-seasonal employment. You are employed if you are permanently or casually employed, self-employed, a sole trader or working under a fixed term contract
• You were employed for at least 90 consecutive days immediately before you became unemployed
• You need to be unemployed for the 30 consecutive day waiting period
• You need to be actively seeking work in Australia to receive benefits
• You can claim for up to 12 months for this benefit

Exclusions

We won’t pay if:

• You resign, accept voluntary redundancy, take early retirement or abandon your employment,
• You become unemployed, directly or indirectly, because your job is seasonal in nature or because your fixed term contract or specific period of work ends,
• You don’t meet the qualifying period,
• We’ve paid a death benefit or terminal illness benefit for you under your policy or such a benefit is payable,
• We’re already paying an unemployment benefit or disability benefit for another person insured under the policy,
• Your unemployment cover or this policy has ended

Benefit

Temporary Disablement

Potential Benefit

The disability benefit for each day of disability (up to a maximum of 12 months) is 1/30th of the monthly benefit, which is the lesser of:

• Your minimum monthly repayment, or
• (Home loans only) 1% of your home loan balance, as at the date the policy started, or as otherwise agreed with you as shown on your policy schedule, or
• $7,500

However, the minimum benefit we will pay is $600 per month.

Eligibility criteria

• You’ve been working more than 15 hours per week on average in non-seasonal employment. You are employed if you are permanently or casually employed, self-employed, a sole trader or working under a fixed term contract
• You were employed for at least 90 consecutive days immediately before you became disabled
• You need to be off work for the 30 consecutive day waiting period
• A doctor certifies that your disablement has occurred
• You can claim for up to twelve months for this benefit

Exclusions

We won’t pay if:

• You’re disabled due to an intentionally self-inflicted injury or infection (including attempted suicide), caused by you, whether you’re sane or insane, within 12 months of specified events,
• You don’t meet the qualifying period: the illness that caused the disablement occurred, was first diagnosed, the symptoms of it became apparent, or you received professional medical advice or treatment for the related condition on or within 30 days after specified events,
• You have a pre-existing condition: the disablement for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,
  
  Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events
  
  
• We’ve paid a death benefit or terminal illness benefit for you under your policy, or such a benefit is payable,
• We’re already paying an unemployment benefit or disability benefit for another person insured under the policy,
• Your disablement cover or this policy has ended

Benefit

Trauma – Coronary Artery Disease Requiring Bypass Surgery, Cancer, Heart Attack, Stroke

Potential Benefit

Home Loan Protection

If you suffer a trauma, we’ll pay a trauma benefit equal to the lesser of:

• 10% of your home loan balance, as at the date the policy started, or an amount otherwise agreed with you as shown on your policy schedule, or
• $75,000

The minimum benefit we will pay is $2,000.

Personal Loan Protection

If you suffer a trauma, the benefit we pay is equal to the lesser of:

• The amount required to pay off your personal loan, on the date you suffer a trauma, or
• The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
• $50,000

Eligibility criteria

• You are certified by a medical practitioner as meeting any one of the four medical conditions, as defined in the Medical Definitions Reference Guide, and you have survived 30 days after diagnosis or the event occurring.

Exclusions

We won’t pay if:

• The trauma results from an intentionally self-inflicted injury or infection (including attempted suicide), caused by you, whether you’re sane or insane, and the trauma occur within the 12 months after specified events,
• You don’t meet the qualifying period: the trauma occurred, was first diagnosed or the first symptom of the trauma became apparent, or you received professional medical advice or treatment for the trauma, on or within 90 days after specified events,
• You have a pre-existing condition: a trauma for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,
  
  Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events
  
  
• You die from any cause within 30 days of first being diagnosed as suffering a trauma,
• A death benefit or terminal illness benefit has been paid, or is payable,
• This policy has ended

Benefit

Terminal Illness

Potential Benefit

Home Loan Protection

If you are certified terminally ill, the benefit we pay is equal to the lesser of:

• The amount required to pay off your home loan on the date you were certified terminally ill, or
• The home loan balance as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
• $750,000

Personal Loan Protection

If you are certified terminally ill, the benefit we pay is equal to the lesser of:

• The amount required to pay off your personal loan, on the date you are certified terminally ill, or
• The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
• $50,000

Eligibility criteria

• You meet the Terminal Illness definition, which means an illness or injury which, in the opinion of a medical practitioner, will likely lead to death within 24 months.

Exclusions

We won’t pay if:

• Your terminal illness or death results from an intentionally self-inflicted injury or infection (including suicide or attempted suicide), caused by you, whether you’re sane or insane, and the death or terminal illness occurs within the 12 months after specified events,
• You have a pre-existing condition: an injury or illness for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,
  
  Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events
  
  
• The death benefit or terminal illness benefit has been paid, or is payable,
• This policy has ended

Benefit

Death

Potential Benefit

Home Loan Protection

If you pass away, the benefit we pay is equal to the lesser of:

• The amount required to pay off your home loan on the date of your death, or
• The home loan balance as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
• $750,000

Personal Loan Protection

If you pass away, the benefit we pay is equal to the lesser of:

• The amount required to pay off your personal loan, on the date of your death, or
• The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
• $50,000

Eligibility criteria

• You pass away

Exclusions

• Your terminal illness or death results from an intentionally self-inflicted injury or infection (including suicide or attempted suicide), caused by you, whether you’re sane or insane, and the death or terminal illness occurs within the 12 months after specified events,
• You have a pre-existing condition: an injury or illness for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,
  
  Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events
  
  
• The death benefit or terminal illness benefit has been paid, or is payable,
• This policy has ended