Looking for additional cover for your loan in the event of redundancy, injury or death?
You’ve worked hard to get to where you are in life and while we all have setbacks now and then, we try and generally move forwards not backwards. Protecting yourself with Comminsure loan protection insurance allows you to put a form of cover in place to look after what you’ve already achieved in the property market, while allowing you to continue moving forward towards the next milestone, without having to start from the beginning each time something goes wrong.
There are any number of things which could cause you to lose all the work you’ve put into your home loan, such as losing your job, illness, injury or death, none of which you can prevent, but what you can prevent are the effects those things have on your loved ones with the help of Comminsure loan protection insurance.
What does the policy cover?
To make sure that the security of your family isn’t jeopardised if you can’t make your loan repayments because of unemployment, illness, injury or death, consider employing the benefits and features of Comminsure Loan Protection Insurance. These include:
- Cover on your loan in the event that you are disabled, unemployed or pass away: If you’re in a situation where you can’t make your loan repayments, you already have a lot of stress to deal with because of the illness, injury or unemployment. Comminsure loan protection insurance makes it easy to keep up your loans repayments even when you can’t earn an income. Your family will also be covered in the event of your death and they won’t have to sell the family home to survive financially.
- Protection for your credit rating: As soon as you miss payments on any credit agreement or bill, you are at risk of having a mark against your credit rating, labelling you as a bad risk, making it difficult for you to apply for any other loans. With loan protection you can keep your loan current even when you’re struggling financially, so that when you get back on your feet, your credit rating has been preserved, and you can continue with your plans for the future.
- Flexibility to choose your level of cover: You can choose from two types of loan protection insurance cover from Comminsure;
- Loan Cover: the first is Loan Cover which will pay out your loan if you die or are diagnosed with a terminal illness. You can also be eligible for a benefit if you suffer from a medical trauma, such as a heart attack.
- Loan Repayment Cover: This option will help you continue to make your minimum monthly loan repayments if you are unable to meet your obligations because you have become disabled or unemployed.
- Complete Cover: You can choose either Loan Cover or Loan Repayment Cover, or you can choose both. If you take out both types of cover, your outstanding loan balance and your minimum monthly repayments will be insured.
- Partial Cover: You can choose to insure part of your loan or the minimum monthly repayments, instead of the whole lot, to reduce the level of your cover and premium rates.
- Benefit amount: If you die or are diagnosed with a terminal illness and you are eligible for a benefit under your loan protection, you will be paid the lower of either the remaining balance of your loan amount, or the maximum death and terminal illness benefit as defined in your policy schedule. If the amount of the benefit is more than is needed to pay out the balance of the loan, the remainder of the benefit will be paid to the policy owner, or in the case of their death, the remainder will be paid to their beneficiary or legal representative.
- Loan cancellation fees: If there are any early repayment penalties when your loan protection pays out your remaining home loan balance, Comminsure will pay these costs in addition to the loan amount benefit.
- One-off benefit payment: Comminsure will only every pay either the death benefit or the terminal illness benefit on a loan protection insurance policy. This is also the case even when there is more than one person insured under the policy.
What isn't covered?
You won’t be able to make a claim on your Comminsure loan protection insurance if your death or terminal illness is the direct result of:
- An intentionally self inflicted injury or infection, including suicide or attempted suicide.
- Your use of alcohol, or drugs not taken under the supervision of a doctor.
- An injury or illness of which you had symptoms or had received treatment for within 12 months before the start of your cover or the date your benefit amount was increased.
Who can apply?
To apply for Comminsure loan protection insurance, you are not required to undertake any medical examination and if you are permanent Australian residents between the age of 18 and 54. You can only apply if you have (or are taking out) a personal loan, home loan or investment loan from Commonwealth Bank.