Insurance

We understand that insuring your most precious assets is important, but you need cover that’s flexible, good value and easy to understand. 

Consumer Credit Insurance

Credit Protection Insurance

 

Credit Protection Insurance, issued by St Andrew’s, is designed to help with your loan repayments if an unforeseen insured event occurs, such as your death, accident, sickness or involuntary unemployment.

Policies available are Loan Protection and Mortgage Protection.

30 day

cooling off period

Cover for

death and/or accident & sickness

Involuntary

unemployment cover optional

Loan Protection
    

Loan Protection key features include:

  • Cover for your personal loan
  • Choose from six possible cover combinations
  • Accident & Sickness cover for up to 36 months.^
  • Involuntary Unemployment cover for up to 6 months for any one claim.*
  • Life cover for the outstanding balance of your loan at date of death or diagnosis of a terminal illness (lump sum benefit), up to $1,500,000
  • Ability to finance total premium into the loan or pay monthly by direct debit
  • Single cover or cover for joint borrowers available
  • Benefits paid irrespective of other employee entitlements or other insurance company payouts such as income protection
 
^ If you are certified totally unfit for work for a continuous period of 30 days or more, St Andrew's will pay a monthly benefit after the first 30 days for up to 36 months. Cover ends when you return to work for 50% or more of the hours you were working immediately prior to you being certified totally unfit for work. A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all Accident & Sickness claims with St Andrew’s.

* If you become involuntarily unemployed for a continuous period of 30 days or more, St Andrew's will pay a monthly benefit after the first 30 days for up to 6 months for any one claim. If you are an employee, cover ends when you return to work for 50% or more of the hours you were working immediately before becoming unemployed. If you are self-employed, cover ends when you return to work for 20 hours or more per week. A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all Involuntary Unemployment claims with St Andrew’s. Involuntary Unemployment can only be purchased with Life Cover and/or Accident & Sickness Cover and can't be purchased on its own.

For Accident & Sickness and Involuntary Unemployment cover, the monthly benefit will be equal to your monthly loan amount.

Eligibility criteria, qualifying periods, exclusions and limitations apply on all cover levels. Please refer to the Product Disclosure Statement to see if this product is right for you.

Mortgage Protection and Loan Protection are issued by St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 and St Andrew's Life Insurance Pty Ltd ABN 98 105 176 243 AFSL 281731 (collectively St Andrew’s). These insurances are arranged by Australian Military Bank Ltd ABN 48 087 649 741 AFSL 237988 (AMB), of PO Box H151, Australia Square, NSW 1215, telephone 1300 13 23 28, under its own AFS licence and under an agreement with St Andrew's. Terms, conditions, limits and exclusions apply. Any advice given is general only and does not take into account your personal objectives, financial situation or needs. Before deciding whether to purchase or to continue to hold these products you should consider whether any advice is appropriate to your personal circumstances as well as the applicable Mortgage Protection Product Disclosure Statement or Loan Protection Product Disclosure Statement. AMB is unable to provide personal advice about these products. If you purchase a policy, AMB receives a commission of 20% of your premium (excluding any government charges or taxes).

 

Mortgage Protection

 

Mortgage Protection key features include:

  • Cover for your home loan or line of credit facility
  • Choose from six possible cover combinations
  • Choose to cover a percentage of your credit limit or monthly repayment amount of 100%, 75% or 50%
  • Accident & Sickness cover for up to 36 months.^
  • Involuntary Unemployment cover for up to 6 months for any one claim.*
  • Life cover up to $1,500,000 - this is a fixed lump sum benefit equal to your credit limit multiplied by your chosen percentage of cover.
  • Ability to finance total premium into the loan/Line of Credit facility or pay monthly by direct debit
  • Single cover or cover for joint borrowers available
  • Benefits paid irrespective of other employee entitlements or other insurance company payouts such as income protection
  • Age based premiums - premiums based on age at the time of application and will not increase annually with your age

^ If you are certified totally unfit for work for a continuous period of 30 days or more, St Andrew's will pay a monthly benefit after the first 30 days for up to 36 months. Cover ends when you return to work for 50% or more of the hours you were working immediately prior to you being certified totally unfit for work. A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all Accident & Sickness claims with St Andrew’s.

* If you become involuntarily unemployed for a continuous period of 30 days or more, St Andrew's will pay a monthly benefit after the first 30 days for up to 6 months for any one claim. If you are an employee, cover ends when you return to work for 50% or more of the hours you were working immediately before becoming unemployed. If you are self-employed, cover ends when you return to work for 20 hours or more per week. A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all Involuntary Unemployment claims with St Andrew’s. Involuntary Unemployment can only be purchased with Life Cover and/or Accident & Sickness Cover and can't be purchased on its own.

For Accident & Sickness and Involuntary Unemployment cover, the monthly benefit will be your monthly repayment multiplied by your chosen percentage of cover (for home loans) or 0.75% of your credit limit multiplied by your chosen percentage of cover (for lines of credit).

Eligibility criteria, qualifying periods, exclusions and limitations apply on all cover levels. Please refer to the Product Disclosure Statement to see if this product is right for you. Mortgage Protection and Loan Protection are issued by St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 and St Andrew's Life Insurance Pty Ltd ABN 98 105 176 243 AFSL 281731 (collectively St Andrew’s). These insurances are arranged by Australian Military Bank Ltd ABN 48 087 649 741 AFSL 237988 (AMB), of PO Box H151, Australia Square, NSW 1215, telephone 1300 13 23 28, under its own AFS licence and under an agreement with St Andrew's. Terms, conditions, limits and exclusions apply. Any advice given is general only and does not take into account your personal objectives, financial situation or needs. Before deciding whether to purchase or to continue to hold these products you should consider whether any advice is appropriate to your personal circumstances as well as the applicable Mortgage Protection Product Disclosure Statement or Loan Protection Product Disclosure Statement. AMB is unable to provide personal advice about these products. If you purchase a policy, AMB receives a commission of 20% of your premium (excluding any government charges or taxes).

Questions

 

We get asked a lot of similar questions about our Credit Protection cover. Have a different question? Call us on 1300 13 23 28.

What if my home or personal loan payment or balance changes?
The benefit amount specified in the Mortgage Protection or Loan Protection application is what you will be covered for. For Mortgage Protection only, an application can be made to increase or decrease your cover limit at any time by notifying St Andrew's.

Who will receive the claim benefit?
All claim payments will be made by St Andrew's to your lender to be applied directly to your credit facility.
For Mortgage Protection only, in the case of a Life or Terminal Illness payment, once the outstanding loan balance has been paid any residual benefit amount will be paid either to the you (in respect of a Terminal Illness benefit) or to your estate (in respect of the Life Cover benefit).

How do I pay for Mortgage Protection or Loan Protection?
When applying for Mortgage Protection or Loan Protection there are two payment options either financing the premium into the loan or paying the premiums monthly by direct debit from a nominated bank account or credit card.

How can I make a claim?
Making a claim is simple. Just call St Andrew’s on 1300 653 751 and quote your policy number.

Features
24/7 claims
Quote online
Multi policy discount
No claim bonus discount

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