Loan Repayment Insurance
|Repayments?||Loan Repayment Insurance helps members meet their regular loan repayments should they become sick, disabled, unemployed or pass away.|
As Personal or Car Loans and Mortgages often being such substantial commitments, it makes sense to consider Loan Repayment Insurance.
Loan Repayment Insurance provides peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, you and your family's assets will be safe and your loan repayments will be taken care of.
- Cover applies 24 hours a day, 7 days per week
- Death benefit up to $500,000
- Disability benefit up to $3,500 per month
- Involuntary unemployment benefit up to $3,500 per month of unemployment
- Trauma benefit up to $50,000
There are two main covers. You can choose one or both of these benefits with your cover:
In the event of death:
If you are unable to work because you have suffered an injury or sickness, the insurer will pay your repayments as shown on your policy schedule, i.e:
Involuntary unemployment cover
If you are unable to continue your permanent employment as a direct result of involuntary dismissal or retrenchment by an employer, the insurer will pay the repayment as shown on your policy schedule, to a maximum of $3,500 per month, for a maximum of 180 days, (after the 21 day waiting period) for each period of involuntary unemployment you experience.
If you suffer a trauma, the insurer will pay the loan balance up to $50,000.