In the event of: your death or you being diagnosed with a terminal illness.
Payment: We’ll pay a lump sum (up to $1 million) to your NAB home loan account to cover the life benefit or the loan amount, whichever is higher.
Example of how it works:
If you die and the life benefit amount on the policy schedule is $284,000 but the loan amount is only $264,000, we’ll pay a lump sum of $264,000 to your loan account and $20,000 to your estate.
If you are diagnosed with a terminal illness and the life benefit amount on the policy schedule and the loan amount is $400,000, we’ll pay a lump sum of $400,000 to your loan account.
What’s not covered:
- Pre-existing conditions (see further detail in the ‘Let’s Get You Sorted’ section below)
- Suicide within 13 months of the policy start date, or the effective date of a loan increase (for the increased portion of the loan)
- Being under the influence of drugs or alcohol
- Involvement in criminal activity.