Loan Protection Insurance

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 weighed 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.

For convenience, your premium is included in your loan repayments.

Competitive, convenient cover, backed by QBE

Loan Protection Insurance is one of a comprehensive range of insurance solutions Geelong Bank 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 consumer credit insurance provider.

This partnership enables us to deliver Geelong Bank members great value and quality insurance products, with the convenience of keeping your finances with your customer owned bank.

A selection of benefits

Key Features

Benefit

Main Conditions

Life Cover In 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.

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 it you’ve also selected Disability cover.

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.

Trauma cover includes the following diseases and disabilities:
• Cancer
• Coronary Artery Bypass Surgery
• End-stage Kidney Failure
• Heart attack
• Major Organ Transplant
• Stroke

 

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 available here 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

ABN 83 089 981 073 AFSL 245492 for Life and Trauma.

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