Loan Protection Insurance

Attention: open in a new window. Print

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

Request a call backContact Us

  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.

  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 $250,000.

  Trauma:

You are automatically covered up to $10,000 in the event of major diagnosed diseases and conditions, including cacer, coronary artery bypass surgery, end-stage kidney failure, heart attack, major organ transplant and stroke. 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.

  Learn more about the benefits of Loan Protection Insurance:
Cover Benefit Main Conditions
Life Cover Inn the event of your death, we will pay to your financial institution the outstanding balance of your loan, at the date of death (excluding any loan repayments two months or more in arrears). Cover is available up to a maximum of $250,000.
For a policy in joint names, only one claim is payable.
Trauma Cover If you suffer a Trauma, we will pay you the amount of cover you selected as shown on your Policy Schedule. Automatic cover of $10,000. You may elect to increase cover in multiples of $5,000 up to $50,000.
Only one claim can be made during the period of insurance.
This cover can only be selected if you’ve also selected Life cover.
Disability Cover For each day of Disability, we’ll pay 1/30th of either:
(a) the minimum monthly repayment required shown on the loan contract when it was first entered into; or
(b) the minimum monthly repayment amount required under the loan contract on the date your Disability first occurred;
whichever is the lesser.
We’ll pay this benefit directly to your financial institution.
The most we’ll pay in total for all Disability claims during the period of insurance is $100,000.
There is no cover for illness occurring within 30 days of the commencement date
Involuntary Unemployment Cover For each day of Involuntary Unemployment, we’ll pay 1/30th of either:
(a) the minimum monthly repayment required shown on the loan contract when it was first entered into; or
(b) the minimum monthly repayment amount required under the loan contract on the date your Involuntary Unemployment first occurred;
whichever is the lesser.
We’ll pay this benefit directly to your financial institution.
The most we’ll pay in total for all Involuntary  unemployment claims during the period of insurance is $7,500.
We’ll pay up to 120 days of benefit for any one claim.
There is no cover for Involuntary Unemployment occurring within 30 days of the commencement date.
This cover can only be selected if you’ve also selected Disability cover.
  Competitive, convenient cover backed by QBE:

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.

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 by cash, cheque, credit card, or in monthly instalments – Whatever suits you best.

  Additional Information:

Important Notes
Terms, conditions and acceptance criteria apply. Cover limits and waiting periods apply as set out in the policy wording. This material does not take into account your personal needs, objectives and financial circumstances and you should consider whether it is appropriate for you. Please read the Product Disclosure Statement to decide if a product is right for you.
Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545 for Disability and Involuntary Unemployment and Integrity Life Australia Limited (Integrity Life) ABN 83 089 981 073 AFSL 245492 for Life and Trauma.