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.
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:
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.
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:
When you apply for Five Year Mortgage Repayment Insurance:
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.
** 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 installments. 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 installments. Please refer to the Five-Year Mortgage Repayment Insurance & Loan Cover Important Information and ways to pay brochure for more details (link below).
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.
For more information about these products, please refer to:
G&C Mutual Bank Limited ABN 72 087 650 637 AFSL & Australian Credit Licence 238311 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.