Loan Protection – What is it? And why every home and property buyer should consider it.

How you can protect your home & investment loans…

Life can take an unexpected turn – and that could stop you from meeting your loan/mortgage repayments!

It’s an exciting time – buying your own home or an investment property is a big step towards securing your future. So, to protect that future, it’s important to make sure you’re covered for whatever life throws at you…

How would you meet your mortgage repayments if you lost your job or suffered a serious injury, illness or even death?

  • Did you know? 1/3 of women and 1/4 of men will suffer from some form of cancer in their lifetime – and more than half will live longer than 5 years after diagnosis.
  • One in 6 Australian men and one in 5 Australian women will suffer a disability during their working life that results in taking more than 6 months off work.
  • 50% of all serious accidents occur away from work meaning they aren’t covered by workers compensation.
  • 95% of Australian families do not have adequate levels of insurance.

Please take a moment to watch this short video to learn more about protecting your loan;

Making you aware of loan protection is our moral responsibility so you can make an informed decision – it’s about making sure you can service your loan and keep your property – even if you lose your health.

 

Borrow Confidently with Loan Protection

If you haven’t got a clear plan to protect your mortgage, you’re not alone. Most people don’t even like to think about it – even though they need to.

The good news is that covering yourself is easy with Loan Protection Plan.

It’s flexible, affordable, there’s no medicals, all occupations are covered and best of all Loan Protection Plan is not linked to your loan like other bank protection products – so if you change lenders, you’re still protected, for the life of the policy.

Loan Protection Plan is designed to provide you with financial assistance where you have suffered a serious illness or injury that is likely to prevent you from making your loan repayments for a period of time. It also provides cover for involuntary unemployment occurring in the first year of cover. The benefits can be used for any purpose including assisting with your loan repayments or reducing your loan balance.

A feature of our Loan Protection Plan is that the first month of cover is absolutely free. This means that you can obtain protection now and then use this time to carefully consider your need for this cover before having to pay premiums.

Another important feature of ALI Group’s Loan Protection Plan is the flexibility to adjust the level of cover, making cover even more affordable.

One policy – three types of benefit…

Loan Protection Plan gives you protection for a wide range of critical life events across three areas;

1. Living Benefit

Get financial support during time of a crisis for eleven serious medical conditions:

  • Cancer*
  • Heart attack*
  • Stroke*
  • Coronary artery bypass*
  • Alzheimer’s and Dementia
  • Kidney failure
  • Paralysis
  • Severe burns
  • Loss of independent existence
  • Total loss of hearing
  • Total loss of sight

2. Death & Terminal Illness Benefit

Spare your family any hardship, by leaving a debt-free asset. Get a lump sum benefit to help keep the roof over your family’s head:

  • Total loan amount protected
  • Operates independently of loan
  • Lump sum benefit can be used for any purpose – paid to joint policy owner or your estate, not the lender

3. Involuntary Unemployment Benefit

Be paid up to 3 months’ benefits for involuntary unemployment occurring during the first year of our Loan Protection policy. Get a financial helping hand while you look for work:

  • Cover for involuntary unemployment

 

Key Policy Features

Eligibility

You’ll automatically be accepted for cover if you are:

  • Aged 18 to 59 years
  • An Australian or New Zealand citizen or permanent resident residing in Australia
  • An applicant or borrower on a loan [or loan increase] taken in the last 12 months

Product Flexibility

  • Adjust your level of cover to suit your budget
  • Align your premium payments with your pay cycle or loan repayments

Benefits

  • Death and Terminal Illness Benefit: Pays a benefit to you or your estate, minimum of $50,000 and max, $750,000
  • Living Benefit: Covers 11 serious medical conditions – equal to 30% of the Death and Terminal Illness Benefit.
  • Involuntary Unemployment Benefit: Pays a maximum of 3 monthly benefits at the rate of 1% of the Death Benefit per month [max. $2,500 per month]^

Exclusions

  • Suicide/self-inflicted within 13 months [Death & Terminal Illness]
  • Self-inflicted insured events [Living Benefit]
  • Any insured condition or unemployment existing at commencement [or in first 3 months for 4 insured conditions marked*]
  • Insured events caused by certain prior conditions or adverse family medical history+
  • Unemployment caused by certain events that effectively deem it ‘voluntary’

 

loan-protection-plan-protect-your-future

An Important Decision…

Protect what matters most to you!

You owe it to yourself and your family to think about how you can protect your mortgage and your lifestyle.

A Loan Protection Plan might be a good place to start if you’re worried about any of the following:

  • how you would repay your mortgage if you were to fall seriously ill or have an injury
  • what would happen to your family if you were seriously ill [or worse]
  • how much cover you might have elsewhere
  • you think you might be covered by your super [It’s estimated that life cover within super is on average only 20% of what is needed. The average insurance amount payable from super is $70,000 – for those who take the default level of cover]

Once you have a home or investment property, it may be one of your biggest financial assets. You’ve worked so hard to secure it, so it’s worth protecting!

 

Where to from here…

If you’re currently applying for finance with us there is nothing to do, except to read this page and watch the video. Your Urbantech Finance Broker will have a chat to you about Loan Protection Plan as part of the process of organising your loan. Rest assured there’s no hard sell and certainly no obligation to take up this insurance but we do strongly advise you carefully consider your options to see if it is right for you.

If you’re not in the midst of applying for a loan but want to get cover for your existing loans, don’t worry we can still help – simply call or email us and we can provide you with more details and a free no-obligation quote.

 

To learn more about loan protection please visit our Loan Protection Plan FAQs or call us on 08 8451 1500

Cheers

Sam, Matt & Andy
Urbantech Group
Adelaide Mortgage Brokers plus a lot more…

 

PS. Thanks to our partners at ALI Group we can now offer you the opportunity to get hassle free Income Protection Insurance. For more details and for a no obligation online free quote click here

PPS. We can also assist you with Home & Contents Insurance and Landlords Insurance via our partners ALI Group and QBE, so now you can get cover you need at a price you can afford. For all details click here

 

* Pre-existing condition exclusions apply, and a 3 month exclusion period applies to these conditions. Please read the full details in the Policy Document (PDF 361.3KB).
^ A one month waiting period applies.
+ Optional health questionnaire available.

 

The Small Print: Urbantech Group Pty Ltd is an authorised representative  of Australian Life Insurance Distribution Pty Ltd [ALI Group], AFSL 226403.  Loan Protection Plan is jointly issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness and Living Benefit) and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 (Involuntary Unemployment Benefit). It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSG 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your personal objectives, financial situation or needs. You should consider the Product Disclosure Statement (PDF 130.6KB) when deciding if this product is appropriate for you.




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Urbantech provides a complete service to build and protect your wealth; mortgage & finance broking, +plus a range of allied services. Simply put we'll make sure you get the best deal going. To get started today book in your FREE Finance & Wealth Evaluation or call us on 08 8451 1500

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