In the event of: you being continuously disabled for more than 30 days due to injury or illness.
You’ll be considered to be disabled if you’re unable to work and carry out all the normal duties of your usual occupation.
If you’re unemployed or not gainfully employed for at least 15 hours per week on a continuous basis for six months or more immediately prior to the date you become injured or ill, you’ll be assessed as disabled only if you meet the activities of daily living definition or if you have severe cognitive impairment (see further detail in the ‘Let’s Get Your Sorted’ section below).
Payment: We’ll pay a monthly benefit (up to $10,000 subject to loan type) to help cover your repayments for up to 24 months (only 6 months while you’re overseas) or until you are no longer disabled (whichever occurs first). Benefits payable are calculated differently for different types of home loans:
- If you've been making principal and interest repayments under your loan, you’ll receive a monthly benefit to cover repayments (up to $10,000 a month).
- If you've been making interest-only repayments under your loan or if you have a line of credit, you’ll receive a monthly benefit of 0.75% of your life cover (up to $7,500 a month).
Example of how it works:
If you’re disabled and you have a principal and interest loan with a monthly loan repayment of $4,000, then we’ll pay $4,000 a month to your loan account.
If you’re disabled and you've been making interest only repayments under your loan or if you have a line of credit, we’ll pay a monthly benefit equal to 0.75% of your life benefit e.g. If your life benefit is $500,000, we’ll pay $3,750 a month to your loan account.
What’s not covered:
- Pre-existing conditions (see explanation in the ‘Let’s Get You Sorted’ section below)
- Any sickness, disease or symptoms contracted within the first 30 days of the policy start date, or the effective date of a loan increase (for the increased portion of the loan)
- A period of disablement that is less than 30 days
- Intentional self-inflicted injury or illness
- Engaging in professional racing of any kind except foot racing
- Being under the influence of drugs or alcohol
- Involvement in criminal activity
- War or warlike operations.
Limitations to the number of claims that I can make:
You can make as many claims as you need during the life of your policy. However, if you’re disabled because of more than one disability condition during a 24 month period, we’ll pay only one disablement benefit for that period, and if you suffer a recurrence of the same or related sickness or injury within 6 months of a previous period of disablement ending, this will be treated as a continuation of that same claim.