Personal Loan Insurance

In the event of: You being diagnosed with a defined critical illness (7 covered):

• cancer – excluding specified early stage cancers
• chronic kidney failure (chronic renal failure)
• heart attack – with evidence of severe heart muscle damage
• paralysis
• stroke – in the brain and of specified severity
• coronary artery bypass surgery
• major organ transplant

Payment: If you’re diagnosed with a defined critical illness, after the 30 day waiting period, we’ll pay a monthly benefit (up to $5,000) to cover your loan repayments. The benefit will be paid to your loan account for up to 24 months or until your loan balance is repaid (whichever comes first).

Example of how it works: If you are diagnosed with a defined critical illness such as a heart attack – with evidence of severe heart muscle damage, and the monthly loan repayment is $525, then $525 is paid monthly to your loan account, after the 30 day waiting period.

What’s not covered:

• Any injury, illness or symptoms contracted within the first 90 days of the policy start date
• Intentional self-inflicted injury or illness
• Pre-existing conditions (see further detail in the 'Frequently Asked Questions' section below)
• Involvement in criminal activity
• Being under the influence of drugs or alcohol
• War or warlike operations.

Limitations to the number of claims that you can make: You can make as many critical illness claims as you need during the life of the policy however you can’t claim for the same critical illness more than once. If you did suffer the same critical illness and that critical illness caused you to be continuously disabled for more than 30 days, then you could claim under the disablement benefit.

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 not gainfully employed (i.e. working at least 15 hours per week, in one occupation, for six months or more continuously) at the time 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 'Frequently Asked Questions' section below).

Payment: We’ll pay a monthly benefit of up to $5,000 to cover your loan repayments until you are no longer disabled or your loan balance is repaid (whichever occurs first).

Example of how it works: If you’re disabled and the monthly loan repayment is $525, then $525 is paid monthly to your loan account after the 30 day waiting period.

What’s not covered:

• Any injury, illness or symptoms contracted within the first 30 days of the policy start date
• Intentional self-inflicted injury or illness
• Pre-existing conditions (see explanation in the 'Frequently Asked Questions' section below)
• Involvement in criminal activity
• Being under the influence of drugs or alcohol
• War or warlike operations.

In the event of: You becoming involuntarily unemployed (e.g. redundant) for more than 30 days.

To claim for the involuntary unemployment benefit, you must be gainfully employed (i.e. working at least 15 hours per week, in one occupation, for six months or more continuously) at the time you become involuntarily unemployed and must be actively seeking work.

Payment: We’ll pay a monthly benefit up to $5,000 to cover your loan repayments for up to four months or until your loan balance is repaid or you are no longer involuntarily unemployed (whichever occurs first).

Example of how it works: If you’re involuntarily unemployed and the monthly loan repayment is $525, then $525 is paid monthly to your loan account, after the 30 day waiting period.

What’s not covered:

You will not be covered if you:

• are unemployed as a result of a disability for which you’ve received benefits under your policy
• receive written or verbal notification of impending unemployment before the start date or within 60 days of the policy start date
• are not working at least 15 hours per week, in one occupation, for six months or more continuously, immediately before you become unemployed
• are in a fixed term contract, seasonal work or casual work that ends
• choose to end your employment
• are in a position which automatically ceases under a partnership agreement or law
• are unemployed due to industrial action
• are unemployed due to normal and uncomplicated pregnancy or childbirth
• become unemployed when employed by your family
• are working in a business which temporarily ceases to trade
• are self-employed or in a business partnership
• are involved in criminal activities
• are under the influence of alcohol or drugs
• are involved in war or warlike operations.

Limitations to the number of claims that you can make: Each insured person can make one claim a year, and up to three claims over the life of the policy as long as you’re gainfully employed prior to your claim for involuntary unemployment on each of your second or third claim.