Loan Cover Insurance



Loan Cover Insurance is designed to meet your personal loan repayments up to the policy limits.  

Depending on the cover you select and apply for, key features include:

  • Cover for 24 hours a day; 7 days a week  (waiting periods apply for Disability and Involuntary Unemployment covers)
  • A death and terminal illness benefit up to the policy limits, with a maximum cover available of $80,000
  • A monthly disability benefit
  • An involuntary unemployment benefit

 -for up to a maximum of 120 days per claim; or

-up to a maximum of $10,000 for any one policy period, whichever occurs first.

*Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision, please consider the Loan Cover Insurance Product Disclosure Statement and the Five-Year Mortgage Repayment Insurance & Loan Cover brochure Important information and ways to pay your premium.


To apply for this insurance, please ensure you meet the following eligibility requirements.

To be eligible to apply for all types of cover, you need to…

  • be applying for the insurance to cover your obligations under a loan agreement**;
  • be in good health and not be aware of having any sickness or disability that a reasonable person in the circumstances would be aware of, and
  • be a permanent resident of Australia.

To be eligible to apply for disability cover, you need to… To be eligible to apply for involuntary unemployment cover, you need to… To be eligible to apply for death and terminal illness cover, you need to…
  • be at least 16 years old and not yet turned 60 years old;
  • be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward;
  • have no knowledge or warning of any proposed or actual termination or decrease in the work available to you.
  • be at least 16 years old and not yet turned 60 years old;
  • be permanently employed and working on a continuous basis for a period of not less than 20 hours per week for remuneration or reward,
  • not be self-employed,
  • not be employed or contracted:
    • casually, irregularly or seasonally; or
    • under a contract limited to a specified work period, for example, a traineeship or apprenticeship; or
    • for completion of a specified task;
  • have no knowledge or warning of any proposed or actual termination or decrease in work available to you.
  • be at least 16 years old and not yet turned 60 years old;
  • If selecting Loan Cover insurance, be at least 25 years old and not yet turned 60 years old.

** Application for insurance can be made either at the beginning of a new loan agreement or during an existing loan agreement. If you apply for insurance at the beginning of a new loan agreement, you have the choice to pay your premium within your loan or separately through monthly instalments. Where the premium is paid as part of the loan, interest may be payable on that premium. If you apply for insurance during an existing loan agreement, you can pay your premiums through monthly instalments. Please refer to the Five-Year Mortgage Repayment Insurance & Loan Cover Important Information and ways to pay brochure for more details (link below).

Minimum and Maximum Levels of Cover.

Depending on the cover you select and apply for, there are limits to the levels of cover you can purchase.

When you apply for Loan Protection Insurance:

  • The minimum level of cover you can apply for under this policy is $5,000.
  • The maximum level of cover you can apply for under this policy is $80,000.

When you are applying for either cover, the maximum total combined current cover for all consumer credit insurance policies issued by us, including this application must be no more than $750,000.


Cooling off rights.

You have a cooling off period of 30 days from the effective date of your final cover. During this period you can return your policy and receive a refund of your premium, unless you have made a claim or the period of insurance has ended or a covered event that will start and end within the cooling off period has started.


How to claim.

You can lodge a claim by calling 1300 362 108 between 8.00am - 5.00pm Monday to Friday, Australian Eastern Standard Time excluding public holidays.


Disclaimers

Beyond Bank Australia, a trading name of Community CPS Australia Ltd ABN 15 087 651 143 AFSL /Australian Credit License 237 856 arranges this insurance as agent of the insurer Allianz Australia Insurance Limited (“Allianz”) ABN 15 000 122 850 AFSL 234708. Allianz is the insurer of the Disability cover and Involuntary Unemployment cover and is only responsible for these covers. Allianz Australia Life Insurance Limited (“Allianz Life”) ABN 27 076 033 782 AFSL 296559 is the insurer of the Death and Terminal Illness cover and is only responsible for this cover. Allianz acts as Allianz Life’s agent in offering and administering the Death and Terminal Illness cover.

We do not provide advice on this insurance based on any consideration of your objectives, financial position or need. Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision please consider the relevant Product Disclosure Statement available on our website. If you purchase this insurance, we receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.

Commissions

When we arrange insurance, we may receive a commission from the insurer. The commission is calculated at 20% of the premium you pay, not including any taxes or other government charges.

* Policy benefits and features

Any advice here does not take into account your objectives, financial situation or needs, which you should consider before acting on any of our recommendations. All information regarding the benefits, features or extent of cover provided by any of the policies is provided as a summary only. You should refer to the relevant Product Disclosure Statement (“PDS”) for the full policy terms, conditions, exclusions and limitations. The PDS can be reviewed from this website or you can call us on 13 25 85 and request a copy.

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