Loan Protection Insurance is designed to cover you against the risk of being unable to make loan repayments as a result of illness, injury or involuntary unemployment.
- Disability Cover — pays your loan repayments if you can’t work because of a serious illness or injury amounting to disability
- Life Changing Illness Cover — provides you with immediate cash assistance if you are diagnosed with cancer, heart attack, stroke, Parkinson’s Disease, motor neuron disease or early onset dementia
- Unemployment and Carer cover — can meet your loan repayment obligations if you lose your job or your business fails, or if you need to leave work to care for a dependent child or spouse
- Hardship Handback Cover — helps you to discharge your motor loan if you have been unemployed for 7 months and you can’t meet repayments from income or savings
Excess periods and other limitations apply, and some causes of disability or unemployment are excluded. For example, Loan Protection Insurance does not provide any cover for disability or unemployment resulting from pre-existing conditions, illness or injury.
Loan Protection Insurance is optional
There is no obligation to buy Loan Protection Insurance. You can obtain similar cover from other insurers.
Cooling off and cancelling
If you buy Loan Protection Insurance and have second thoughts, you can cancel the insurance within 21 days of your loan settlement and obtain a full refund, credited to your loan. After that, you can still cancel Loan Protection and receive a partial refund.
Should I read the Product Disclosure Statement and Financial Services Guide?
Yes, we recommend that you read these documents before buying Loan Protection Insurance.
We have not taken your objectives, needs or financial situation into account in offering Loan Protection Insurance, and it is up to you to decide whether Loan Protection Insurance is appropriate for your individual circumstances.
To help you with this, Loan Protection Insurance is fully explained in two important documents:
- Product Disclosure Statement (PDS): Sets out the terms and conditions including the excess periods, limitations and exclusions. The information on this page is a short summary and is subject to the provisions of the PDS.
- Financial Services Guide (FSG): Explains who provides Loan Protection Insurance, and supplies other important information including commission payments and how to resolve any disputes.
Who issues and provides Loan Protection Insurance?
LFI Group Pty Ltd ABN 31 138 903 581, Australian Financial Services Licence number 413613 is the issuer of Loan Protection Insurance, which is provided through this website by Money Place Australia Pty Ltd ACN 169 627 338 Authorised Representative number 1266705.
Claiming on Loan Protection Insurance
If you would like to make a claim or make a customer service enquiry please email firstname.lastname@example.org, call 1300 888 318 or visit lfi.com.au.