Home loan insurance

NAB Mortgage Protect - a simple way to help pay your NAB Home Loan if something happens to you.

3 covers, 1 policy

Convenience and peace of mind knowing you’ve got help with your mortgage repayments.

Life cover

Up to $1 million per policy, 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 (to a maximum of $10,000 per month, depending on loan and repayment type).

Involuntary unemployment cover

Covers your loan repayments for up to 6 months if you lose your job (up to a maximum of $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 (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 per policy.
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.
Benefits may not be paid in the event of a death due to a pre-existing condition. Exclusions for pre-existing conditions are limited to those that occur in the 12 months prior to the start of the policy. See PDS for more information, and
A benefit may not be payable as a result of death due to suicide or attempted suicide within 13 months of the policy start date.

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.
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).
Your disablement claim is assessed based on your employment status at the time of your event. If you are working less than 15 hours a week, look out for the section in the PDS on ‘what’s not covered’ and the definition of ‘disablement’.

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 6 months.
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).
If you’re self-employed or in a partnership please read the PDS for circumstances when you may not be covered if you cease to trade temporarily, and
If you’re employed by your family, a claim may not be paid when you lose your job.

We've only called out some areas that are not covered, for full information about what's not covered and key policy conditions and definitions, please carefully read the PDS in full.

For more information about NAB Mortgage Protect call 13 22 95 8am - 6pm Mon-Fri (AEST/AEDT).
There are no medical tests, but you need to be aged 18 to 59 (you'll be covered until you reach 65).
Life Cover begins the moment your loan is drawn down (if you apply with your home loan).
There are no waiting periods for involuntary unemployment and disability cover. As long as you’re involuntarily unemployed or disabled for more than 30 days, then the benefit is calculated from the date of event.
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.
Exclusions for pre-existing medical conditions are limited to those that happen in the 12 months prior to the start of the policy. See PDS for more information.
Home loan insurance is optional—you don’t have to take it out to be approved for your home loan.
Make sure you read the full PDS with your life style in mind for applicable exclusions, limitations, eligibility criteria, fees and charges and how benefits are calculated and paid. Look out for the section on ‘what’s not covered’ and read the definition of ‘disablement’ and the eligibility provisions for involuntary unemployment before applying.
You may not receive benefits under the policy if at the time of the event you were under the influence of drugs or alcohol or you were involved in criminal activity.
Make sure you read the NAB Financial Services Guide before applying for this product.

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, 445KB) available at nab.com.au/nmp and the NAB Financial Services Guide before deciding whether to purchase or continue to hold the product.