What happens to your loan if something happens to you?

Allianz Loan Protection Insurance is there to help you when life takes an unexpected turn and you can’t meet your loan repayments, it will protect your repayments in the event of trauma/death, disability or involuntary unemployment.

What are the benefits?

  • Reassurance of assistance to make sure your loan repayments are made.
  • Flexible levels of cover, so you can choose the option that’s best for your needs.

What are the coverage options?

You can choose the cover to suit your needs from the following five combinations:

  1. Death / Trauma cover only,
  2. Disability cover only,
  3. Death / Trauma and Disability cover
  4. Disability and Involuntary Unemployment cover, or
  5. Death / Trauma, Disability and Involuntary Unemployment cover.

Who is eligible for Loan Protection Insurance?

You must be:

  • Aged 16-64 years old,
  • In good health and not aware of any current sickness or disability,
  • Actively employed in a permanent occupation for at least 20 hours per week, and unaware of any proposed or actual job termination, or decrease in available work - if applying for Disability or Involuntary Unemployment cover.

Death / Trauma cover

If something unexpected happens to you, the last thing you or your family want to worry about is your loan.

Death / Trauma cover, is designed to pay out your loan if you die or if you are diagnosed with one of the following traumas:

  • Untimely death
  • Cancer
  • Coronary artery bypass surgery
  • Heart attack, or
  • Major stroke

Disability cover

You are covered if injury or illness means you’re unable to work for more than 7 days, letting you focus on getting yourself back to full health again.

Payments will be made on your behalf for as long as you are totally disabled or until the loan has been finalised, whichever happens first. You are covered up to $3,000 per month, to a maximum of $100,000 during the policy period.

Involuntary Unemployment cover

In the event you lose your job through no fault of your own and remain involuntarily unemployed more than 7 days:

  • Your loan payments will be covered for up to 120 days, or up to a maximum of $4,000 per claim. The maximum cover for the entire period of insurance is $10,000.
  • You have the opportunity to work on re-establishing your career without the worry of having to meet your repayments.

Product limits

You can claim different amounts, depending on which cover options you choose.

  Death/Trauma Disability Involuntary Unemployment
Maximum monthly benefit Not Applicable
$3,000 $4,000 per claim
Maximum total benefit $100,000 $100,000 $10,000 - during the entire period of insurance.
Maximum benefit per claim $100,000 $100,000 during the period of insurance $4,000
Maximum period per claim  Not Applicable Payments will continue as long as the insured is totally disabled or until the policy ends, whichever happens first. 120 days or until the policy ends, whichever happens first.
The Disability and Involuntary Unemployment covers of this insurance are provided by Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850, AFS Licence No. 234708. The Trauma and Death cover of this insurance is provided by Allianz Australia Life Insurance Limited (Allianz Life) ABN 27 076 033 782, AFS License No. 296559. Limits apply to the benefits you can claim. For full terms and conditions of cover, please refer to the Allianz Business Loan Protection Insurance Product Disclosure Statement PDS, available from any Motorama dealership.