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Loan Protection Insurance

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Covering your commitments if the unexpected happens

There are all sorts of reasons you might want to borrow money. It could be for a new car, a boat, to consolidate debt, or for a much needed holiday. And even though repaying the loan is a significant medium or long-term commitment, it’s one you’ll have weighted up and are ready for.

What you may not be so prepared for are the unforeseen events life can deal us – accidents, illness, or involuntary unemployment – all of which bring pressure and uncertainty. Covering any loss of income and additional expenses they cause would be bad enough, without worrying about the burden of loan repayments as well.

Competitive, convenient cover backed by QBE

Loan Protection Insurance is one of a comprehensive range of insurance solutions South West Credit offers through our association with QBE Insurance.

Founded in 1886, QBE is one of Australia’s leading insurers. It’s because of QBE’s experience, security and strength – as well as its prompt, efficient and friendly claims service – that we’ve made it our exclusive general insurance provider.

This partnership enables us to deliver South West Credit members great value and quality insurance products, with all the convenience of still keeping your finances under the same roof.

A choice of cover options

Depending on your own circumstances and dependents, you can tailor your Loan Protection policy to provide cover in a range of situations.

Life
In the event of your death, the outstanding balance of your loan will be paid in full, up to a maximum of $100,000.

Trauma
You are automatically covered up to $10,000 in the event of major diagnosed diseases and conditions, including chronic kidney failure, heart attack, coronary artery surgery, stroke, major organ transplant and cancer. It’s not a loan repayment, but an additional benefit proportionate to the amount of cover you select. You may elect to increase this cover to a maximum of $50,000.

Disability
If you become unable to work due to illness or injury, this ensures your monthly loan repayments will be met.

Involuntary Unemployment
Should you involuntarily lose your job, this cover provides loan repayments, up to a maximum $7,500.

  Read more about the benefits of Loan Protection Insurance
Cover Benefit Main Conditions
Life Cover In the event of your death, pays the outstanding balance of your loan, including any arrears in monthly repayments up to two (2) months at the date of death, and less a rebate of charges Cover available up to a maximum of $100,000
Trauma Cover Pays the amount of cover selected by you in the event of positive diagnosis of any of the listed diseases such as chronic kidney failure, heart attack, coronary artery surgery, stroke, major organ transplant and cancer Automatic cover of $10,000. You may elect to increase cover in multiples of $5,000 up to $50,000
Disability Cover

We will pay to your Financial Institution for each day of disability 1/30th of either:

a) the minimum monthly repayment required shown on the loan contract when it was first enterted into; or

b) the minimum monthly repayment amount required under the loan contract on the date of your disability first occurred; whichever is lesser.

 Maximum payable regardless of claims made during the period of insurance is $100,000.
Involuntary Unemployment Cover

We will pay to your Financial Institution for each day of disability 1/30th of either:

a) the minimum monthly repayment required shown on the loan contract when it was first enterted into; or

b) the minimum monthly repayment amount required under the loan contract on the date your Involuntary Unemployment first occurred; whichever is lesser.

 Maximum payable regardless of number of claims made during period of insurance is $7,500

Sign up now, with flexible payment options

With South West Credit, you can arrange both your loan and loan insurance at the same time, giving you one less thing to worry about.

For convenience, your premium can be included in your loan repayments. Or, you can pay up front, whatever suits you best.

More Information

Product Factsheet

Request a product factsheet  Request a factsheet

Questions

If you have any questions, or to get a free quote Contact Us