What are the benefits of Citibank Home Loan Protection cover?
Your home loan is much more than just another financial product or another demanding bill in your budget. It is the means to moving you along the property ladder, it allowed you to purchase or build a comfortable home for your family and should therefore be the financial product you take the most care to maintain.
Of course it is easy to maintain your home loan when you are earning a regular and secure income, because you probably have a direct debit set up from your account on the same day as your wages are paid, to ensure your home loan remains current.
However, what happens if you become ill or injured and unable to work for an extended period, or you lose your job and that deposit of wages shrinks or disappears all together. Then you realise that you’ve been taking your ability to pay your home loan for granted, and you are looking down the barrel of losing your home, your family’s security, your sparkling credit rating and any future investments.
How Citibank Home Loan Protection Can Look After You and Your Family
Home loan protection from Citibank can give you back that financial security you may have lost when you became unable to work because of illness, injury, disability or unemployment. You can choose from three cover options, depending on your needs, your budget and your family’s financial circumstances:
- Option 1: Includes cover for death and terminal illness, and complimentary interim accidental death cover.
- Option 2: Meets your mortgage repayments in case of death and terminal illness, total and temporary disablement, involuntary unemployment, and also includes complimentary interim accidental death cover.
- Option 3: Provides you with home loan protection in case of death and terminal illness, total and temporary disablement, involuntary unemployment, trauma and still includes complimentary interim accidental death cover.
How Can I Apply for Citibank Home Loan Protection Insurance?
To apply for home loan protection with Citibank, you must be:
- A Citibank mortgage customer
- Aged 18 to 59 years old
- An Australian citizen or permanent resident
- Residing in Australia at the time of your application
If you are seeking cover for total and temporary disablement and involuntary unemployment, you must also be gainfully employed in an occupation, business or employment for reward, where you are working a minimum of 20 hours per week, for 48 weeks of the year.
Key Features of Citibank Home Loan Protection Insurance
With Citibank home loan protection insurance, there are a number of different built-in policy features that you can benefit from. These include:
- Benefit up to $750,000: You can choose a benefit amount from $100,000 to $750,000 for death and terminal illness cover and you do not need to answer any health questions or take any medical or blood tests to apply. It is possible to take out up to $1,000,000 though you will be required to answer questions related to your health
- Complimentary interim accidental death cover: This feature of all Citibank home loan protection policies means that if you die as the result of an accident between the time you apply for home loan protection, to the time the cover is approved, Citibank will pay your death and terminal illness benefit, as long as this period is not longer that 90 days. Up to a maximum of $750,000 is covered.
- Total and temporary disablement: Provides a benefit of $1,000 to $7,500 per month to cover your mortgage for up to 12 months if you become unable to work because of a total and temporary disability which is the direct result of illness or injury. The waiting period on this benefit is 30 days and the benefit amount is calculated as 75% of your pre disability income. you must have been gainfully employed for six consecutive months before you can make a claim. If you apply for monthly cover exceeding $5,000, you will be required to undertake medical underwriting.
- Involuntary unemployment benefit: Will pay a benefit of $1,000 to a maximum $7,500 per month for up to three months if you lose your job and are unable to continue your mortgage repayments. The waiting period is 30 days before your first benefit payment is received, and the qualifying period is 12 months from the commencement of your policy.
- Trauma cover: Pays 10% of your death and terminal illness benefit up to a maximum of $50,000 if you suffer from a trauma event as defined by your Citibank policy. You must serve a qualifying period of 90 days from the commencement of your policy. The trauma benefit will be paid as a lump sum amount, and includes cover for:
- Heart attack
- Coronary artery bypass surgery
Being unable to work due to a serious illness or injury can be stressful enough for you and your loved ones, but what would happen if you are no longer around to take care of your dependents? Having Citibank home loan protection insurance in place can take out the financial pressure you and/your loved ones could be facing and ensure your family home is covered no matter what happens to you.