Home loan insurance

A simple way to help pay your home loan if something happens to you.

3 covers, 1 policy

Convenience and peace of mind knowing your mortgage repayments will be covered.

Life cover

Up to $1 million paid as a lump sum to your home loan if you’re diagnosed with a terminal illness or die.

Disablement cover

Covers your loan repayments for up to 24 months at a time if you’re unable to work (up to $7,500 or $10,000 per month, depending on loan and repayment type).

Involuntary unemployment cover

Covers your loan repayments for up to 90 days if you lose your job (up to $7,500 or $10,000 per month, depending on loan and repayment type).

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Insurance premiums are calculated on:

your loan account balance or limit
the size of your minimum loan repayment
your age, and
your gender.

Premiums start at $150 per year.

Each year, your premium will be reviewed and adjusted if needed (depending on your loan balance, your age and loan repayment amounts).

Life cover

You get 100% of your Life Cover benefit to pay your home loan in full if you die or are diagnosed with a terminal illness.
You can get cover for the total of your loan balances, up to a maximum of $1 million.
If your loan balance or loan limit is less than your cover at the time a claim is made, the difference is paid to your estate.

Disablement cover

Make as many claims as you need to for the life of your policy.
Get benefits to help pay your loan repayments for up to 24 months in Australia and up to 6 months while you’re overseas for each disability.
There’s a wait period of 30 days before a benefit is payable.
If you've been making principal and interest repayments under your loan, you’ll receive up to $10,000 a month to cover your home loan repayments.
If you've been making interest-only repayments under your loan, or if you have a line of credit, you’ll get up to 0.75% of your life cover (up to a maximum of $7,500 a month).

Involuntary unemployment cover

You can make one claim a year—and up to three for the life of the policy.
Receive benefits to help pay your loan repayments for up to 90 days.
There’s a wait period of 30 days before a benefit is payable.
If you've been making principal and interest repayments under your loan, you’ll receive up to $10,000 a month to cover your home loan repayments.
If you've been making interest-only repayments under your loan, or if you have a line of credit, you’ll get up to 0.75% of your life cover (up to a maximum of $7,500 a month).

Before you apply

Apply with your NAB home loan application—or any time after your loan is drawn down.
There are no medical tests, but you need to be aged 18 to 59 (you'll be covered until you reach 65).
If there are two of you on the home loan application you can both be protected under one policy.

After you apply

You’ll receive a welcome pack with everything you need to know about your policy (including a policy schedule and policy document). Keep this handy in case you need to make a claim.
For more information about NAB Mortgage Protect call 13 22 95 8am - 6pm Mon-Fri (AEST/AEDT). Or to apply, call 13 13 12 from 8am - 9pm Mon-Fri, or 9am - 6pm on weekends (AEST/AEDT).

Other things to know

Wait periods apply for some types of cover, but Life Cover begins the moment your loan is drawn down (if you apply with your home loan).
You can pay monthly or annually—by credit card or direct debit. It’s separate to your home loan repayment.
Premiums and benefits are adjusted each year in line with your home loan balance.
Pre-existing medical conditions are not covered.
Home loan insurance is optional—don’t have to take it out to be approved for your home loan.
Please consider the exclusions, fees, charges and limitations of this insurance contained in the Product Disclosure Statement (PDS) of NAB Mortgage Protect (PDF, 463KB) before applying.

If you would like to make a claim, call 1300 125 246, 8am-5pm, Mon-Fri AEST/AEDT.

Important information

Terms and Conditions

MLC Limited ABN 90 000 000 402, AFSL 230694 is the promoter of this offer and is the insurer and issuer of NAB Mortgage Protect which has been branded and distributed by National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB). MLC Limited may pay benefits to NAB and its related bodies corporate for the distribution of this product. This insurance is not a deposit with, a liability of, or guaranteed by NAB. MLC Limited is part of the Nippon Life Insurance Group and not a part of the NAB Group of Companies. Any financial advice in this notice is general only and has not been prepared having regard to your personal circumstances. You should consider your personal circumstances before acting on any advice in this notice. You should consider the relevant Product Disclosure Statement (PDF, 463KB) available at nab.com.au/nmp before deciding whether to acquire or continue to hold the product.

Wait periods apply for some types of cover, but Life Cover begins the moment your loan is drawn down (if you apply with your home loan).
You can pay monthly or annually—by credit card or direct debit. It’s separate to your home loan repayment.
Premiums and benefits are adjusted each year in line with your home loan balance.
Pre-existing medical conditions are not covered.
Home loan insurance is optional—don’t have to take it out to be approved for your home loan.