Loan Protection Insurance products protects you against the risk of being unable to meet your loan repayments as a result of death, trauma, disability or involuntary unemployment, subject to any maximum payouts stipulated in the contract.
Loan Protection Insurance products are not compulsory and in all cases can only be taken as part of a loan package. Business Loan Protection Insurance (or BLPI) can only be taken if at least 50% of the loan will be applied towards business or investment purposes.
Our Loan Protection Insurance products are designed to provide customers with protection and peace of mind knowing that if the unforeseen happens, their repayments will be made in those circumstances which are covered. Tre three (3) types of cover available under these products:
Trauma and Death cover pays the net balance under a customer’s loan agreement in the event of the death of the customer or if the customer is diagnosed with one of the following specified traumas during the period of cover:
The maximum amount payable under this policy cover is the outstanding balance of a customer’s loan up to a maximum of $100,000.
If it has errors, it may end up costing you even more in the future.