Here's what you get

Please see below ‘Ready to roll?’ section to check if you’re eligible to apply for this cover.

We’ll pay benefits to your NAB personal loan for the following insured events:


If you die, a lump sum is paid to cover the loan balance up to a maximum of $80,000.

Critical Illness

If you’re diagnosed with a critical illness (7 defined critical illnesses covered), after the 30 day waiting period, a monthly benefit will be paid (up to $5,000) to cover your loan repayments for up to 24 months or until your loan balance is repaid (whichever occurs first).


If you're continuously disabled (see further detail below) for more than 30 days due to injury or illness, a monthly benefit will be paid (up to $5,000) to cover your loan repayments until you're no longer disabled or your loan balance is repaid (whichever occurs first).

Involuntary Unemployment

After you’ve become involuntarily unemployed and you remain unemployed for more than 30 days, a monthly benefit will be paid (up to $5,000) to cover your loan repayments for up to four months or until your loan balance is repaid or you’re  no longer unemployed (whichever occurs first).

What's covered and what's excluded

Click through all four tabs to view details of this cover

In event of: Your death.

Payment: We’ll pay a lump sum to your NAB personal loan account to cover the loan balance (up to $80,000).

Example of how it works: If you die and at the date of your death the loan balance on your personal loan is $15,000, we’ll pay a lump sum of $15,000 to your loan account.

What’s not covered:

  • Suicide within 13 months of the policy start date
  • Pre-existing conditions (see further detail in the 'Let's Get You Sorted' section below)
  • Involvement in criminal activity
  • Being under the influence of drugs or alcohol
  • War or warlike operations.

This summary is a guide only. Before you purchase this insurance, read the NAB Personal Loan Cover Product Disclosure Statement (PDS) (PDF, 455KB) and Financial Services Guide. The definitions, along with the terms, conditions and limitations, are outlined in the PDS.

Enjoy the benefits

Access to Best Doctors

Best Doctors® connects you with a network of over 50,000 leading medical specialists from around the world. It offers a second medical opinion when you need it most, helping you get the right diagnosis and treatment plan.

Flexible payment options

You can pay premiums from a NAB account, any credit card or from the loan itself.

No medical tests

You need to be aged 18 to 54 (you'll be covered until you reach your policy anniversary following your 65th birthday).

Let's break it down

How much does it cost?

Your premium is calculated based on your loan balance, term and repayment. You will be provided with a quote as part of the online application process.

The minimum annual premium for this insurance is $150.

Each year, your premium will be reviewed and adjusted (depending on your loan balance, term and loan repayment).

If there are two of you on the personal loan application you can both be protected under one policy (a premium will apply for both applicants).

How can I pay my premium?

You can choose at the time of your loan application to pay by credit card or from your NAB transaction account, with the option to pay monthly or annually.

Otherwise, you can choose to have your annual premium charged directly to your loan account. Interest will be charged on your premium at the same rate as your loan.

Are you
Ready to roll?

This product is only available if you’re applying for a NAB Personal Loan online.

You can apply for NAB Personal Loan Cover if you are:

  • aged 18 to 54
  • a permanent resident of Australia

If there are two of you on the personal loan application you can both be protected under one policy (a premium will apply for both applicants).

The purchase of this insurance is optional. You should also consider whether you already have these benefits under another insurance policy.
A consultation with a financial planner is a good way to ensure that you have the cover you need.

Let's talk

Call MLC Life Insurance Claims on 1300 125 246

We keep claiming simple and easy. If something happens to you, just get in touch to discuss if you’re eligible to claim.

8.30am-5.30pm, Mon-Fri AEST/AEDT

Have any questions?
Let's get you sorted

How do I speak to someone for more information?

For more information about NAB Personal Loan Cover call MLC Limited (MLC) on 13 22 95 8am - 6pm Mon-Fri (AEST/AEDT).

What is a Pre-Existing condition?

A pre-existing condition means any injury, illness or symptom that first occurred or appeared before the policy start date, or for which you have experienced symptoms or received medical treatment prior to the policy start date which leads to a diagnosis after the policy start date.

It’s not a pre-existing condition if you weren’t aware of the injury, illness or symptom, or could not reasonably be expected to be aware of the injury, illness or symptom.

For example, if you had a shoulder injury prior to the policy start date, you will not be covered under the policy for that shoulder injury or any death, illness of injury related to that shoulder injury.

What is gainfully employed?

Gainfully employed means being in active paid employment for at least 15 hours per week, in one occupation on a continuous basis for the six months or more prior to the date of your disablement or involuntary employment.

How am I assessed for disability if I am not gainfully employed? - What are activities of daily living and severe cognitive impairment?

Different tests for disability will apply depending on your employment status at the time of the event.

If you’re not gainfully employed (see above) immediately prior to the date you become accidentally injured or sick, then you’ll be assessed as disabled if you:

(a) are unable to do any two or more of the following groups of activities of daily living without physical help from someone else:

  • bathing or showering
  • dressing
  • moving from place to place, in and out of bed, and in and out of a chair
  • eating and drinking
  • using the toilet, or

(b) have severe cognitive impairment (with a score of 15 or less out of 30 in a mini mental state examination) which leads to a need for continuous supervision to protect yourself or other people.

What happens after I apply?

This product is only available if you’re applying for a NAB Personal Loan online.

If your application is successful and you accept the letter of offer, you’ll receive a welcome pack with everything you need to know about your policy (including a policy schedule and policy document). Remember to read your policy and keep this handy in case you need to make a claim.

When does my policy end?

Your NAB Personal Loan Cover policy ends when:

  • you cancel your policy,
  • the loan is fully repaid,
  • a variation to the loan is effected resulting in a new loan agreement,
  • you reach your policy anniversary after your 65th birthday,
  • you die, or
  • you don’t pay premiums and the insurance is cancelled.

How do I cancel my policy?

You can cancel your policy at any time by calling MLC on 13 22 95.

If you cancel your policy within 30 days of the policy start date MLC will refund any premiums already paid unless you’ve made a claim.

Where two people are insured, the request must be received from both people. The policy will be cancelled from the date MLC receives notice.

Important Information

  • MLC Limited (MLCL) ABN 90 000 000 402, AFSL 230694 is the insurer and issuer of this insurance which has been branded and distributed by National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).
  • This insurance is not a deposit with, a liability of, or guaranteed by NAB. MLC Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and not a part of the NAB Group of Companies.
  • Commission of twenty per cent (20%) of your first year’s premium (excluding government charges) is paid to NAB by MLCL. The commission payable is not an additional cost as it is paid from the premium.
  • Any financial advice 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. You should consider the NAB Personal Loan Cover Product Disclosure Statement (PDF,455KB) and the NAB Financial Services Guide before deciding whether to purchase or continue to hold the product or call 13 29 28 before deciding whether to acquire or continue to hold the product. If you’d like more comprehensive and individually tailored insurance, speak to a NAB Financial Planner on 1300 558 863.
  • Your access to the Best Doctors service is arranged by MLC Limited. For terms and conditions that apply to the service go to

Protect yourselfRelated products

Travel insurance

NAB Travel Insurance can help you ensure your dream holiday doesn’t turn into a nightmare.

Car insurance

Don’t be caught without car insurance. With NAB Car Insurance cover choices, you can select a level of cover you’re comfortable with that fits within your budget.

Home and contents insurance

Protect your house and the things inside that make it a home.

Let's talk
We're ready to help you

Talk to an expert
Call 13 29 28

Mon-Fri 8am - 7pm (AEST/ADST)
Sat-Sun 9am - 6pm (AEST/ADST)