Mortgage Protection Insurance

A new roof over your head? Cover your home loan at the same time

A nest, a castle, a crash pad or a retreat? A new home represents something different to everyone. But for nearly all of us, it will become one of our most significant assets.

And for all the buzz and pleasure in buying a new home, there’s also a fair amount of stress, not least in taking on the responsibility of a mortgage – usually a long-term commitment. Because we all know that down the track, life’s magic moments may be tempered with some not so happy, but equally major, events.

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

Competitive, convenient cover, backed by QBE

Mortgage 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 all 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, including up to two months of arrears and less a rebate of charges.

Cover is available up to a maximum of $500,000.
Trauma Cover Pays you the amount of cover selected by you in the event of positive diagnosis of any of the diseases or disabilities as shown in the Policy Wording.

Automatic cover of $10,000. You may elect to increase cover in multiples of $5,000 up to $50,000 depending on your loan amount.

This cover applies in the event of the positive diagnosis and certification of one of the following Trauma events occurring after 90 days from the commencement date:
• Cancer
• Coronary artery by-pass surgery
• End-stage kidney disease
• Heart attack
• Major organ transplant
• Stroke.

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 $200,000.
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 $15,000.

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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