NAB Personal Loan Cover

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NAB Personal Loan Cover is insurance designed to help you cover your NAB loan repayments in certain situations such as losing your job, becoming disabled or critically ill, or your death.

It means you’ll have one less thing to worry about if something unexpected stops you from being able to meet your loan repayments.

For more information about NAB Personal Loan Cover, please refer to the Product Disclosure Statement (PDF, 405KB)

What’s included? What does it cover? How does it help with your Loan? How long are Benefits paid?
Life Cover A payment is made if you die.

A lump sum towards your Loan Balance.

Maximum cover is $80,000.

Benefit is provided as a single lump sum payment to your Loan Account.
Disablement Cover Continuous and total inability to perform work or Activities of Daily Living functions due to injury or illness.

An amount to help with your Loan Repayments.

Maximum cover is $5,000 per month. 

Benefits are paid until whichever of the following occurs first: 

  • you’re no longer Disabled 
  • the Loan Balance is repaid 
  • you reach your Policy Anniversary following your 65th birthday, or 
  • you die. 

If you die your estate can then make a claim for Life Cover. If you’re outside Australia Benefits are paid for up to six months unless you return to Australia and are still Disabled.

Critical Illness Cover

Critical Illnesses covered are:


  • Cancer
  • Chronic Kidney Failure
  • Coronary Artery Bypass Surgery
  • Heart Attack
  • Major Organ Transplant
  • Paralysis
  • Stroke


An amount to help with your Loan Repayments.

Maximum cover is $5,000 per month.

Benefits are paid for up to 24 months, unless one of the following occurs first: 

  • the Loan Balance is repaid 
  • you reach your Policy Anniversary following your 65th birthday, or  
  • you die.

If you’re still Disabled after 24 months you can make a claim to receive Disablement Benefits.

If you die your estate can then make a claim for Life Cover.

Involuntary Unemployment Cover Involuntary Unemployment arising from circumstances outside your control.

An amount to help with your Loan Repayments for up to four months.

Maximum cover is $5,000 per month.

Benefits are paid for up to four consecutive months.

You can claim: 

  • up to three times during the life of the Policy 
  • for a second or third time provided you’ve worked continuously in one occupation for at least six months immediately before each subsequent claim.

Important information

Insurer: MLC Limited ABN 90 000 000 402 AFSL 230694 (MLC) is the insurer and issuer of NAB Personal LoanCover, which has been branded by National Australia Bank Limited ABN 12 004 044 937, AFSL and Australian Credit Licence 230686 (NAB). NAB is the distributor of NAB Personal LoanCover. 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.

NAB Personal Loan Cover is not a deposit with or a liability of NAB, or any of its related bodies corporate. Neither NAB, nor its related bodies corporate, guarantees or accepts liability in respect of the product.

Your objectives: Any advice provided by us is general information only, prepared by NAB without taking into account your objectives, needs or financial situation. Before making a decision to purchase this insurance, you should assess whether the advice is appropriate to your circumstances.

Commission: Commission of twenty per cent (20%) of your first year’s premium (excluding government charges) is paid to NAB by MLC. The commission payable is not an additional cost as it is paid from the premium.

MLC will pay a distribution allowance to a related body corporate of NAB, National Wealth Management Services Limited in respect of the distribution of MLC’s insurance products. This payment will depend in part on the value of MLC’s insurance portfolio relating to insurance distributed through NAB and its related bodies corporate and the performance of NAB and its related bodies corporate against agreed annual performance criteria. This is not an additional cost to you.

Other things you need to know:

  • you’re not required to buy this insurance.
  • no benefit is payable under the policy for death, critical illness or disability arising from a pre-existing condition (as defined in the PDS);
  • to claim for the involuntary unemployment benefit, you must be gainfully employed (working continuously for 6 months or more for at least 15 hours a week) immediately prior to ceasing that employment involuntarily and must be actively seeking work; and that if you are not gainfully employed at the time you first become disabled, you will be assessed under the activities of daily living definition;
  • other exclusions may apply and are explained in the PDS;
  • before applying, if you have any questions about the insurance including cover terms, conditions, and exclusions, you can call 13 22 95 for more information.

Want to change your mind?:

If you go ahead with the insurance, you can cancel your policy at any time by calling on 13 22 95 or sending in a written cancellation request. Where two people are insured, the request must be received from both people. The policy will be cancelled from the date MLC receives notice. If you cancel within 28 days of the policy start date, MLC will refund any premiums already paid, unless you’ve made a claim under the contract. If you cancel at any other time MLC will refund the unused portion of your premium less any government fees and charges

Sharing your information:

You acknowledge that NAB may provide MLC with any information that NAB holds or will hold about your NAB loan contract necessary to process this application for the insurance and to administer any insurance that you obtain as a result of making this application. You agree to this and also authorise MLC Limited to share your information for any purposes associated with your NAB Personal LoanCover policy.

You acknowledge that if you go ahead with this application, MLC Limited may give some of your personal information to others described in MLC’s privacy notification and privacy policy at (You can request copies of these documents by contacting MLC on 13 22 95 at any time.)

If you have provided an email address for the purpose of receiving communications from NAB and MLC, you acknowledge your personal and sensitive information may be sent to that email address.

There is more information about how MLC collects, uses, shares and handles your personal information in MLC’s Privacy Policy and MLC’s Privacy Notification. This includes how you can:

  • access and correct your information; and
  • make a complaint about how MLC manages your information.

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