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Loan Protection Go button for search

To apply for Loan Protection you don't have to have any medical examinations - the health information is covered off in a few simple questions.
Under Loan Protection you can elect to take the following types of cover:

1. Loan Cover
Benefits What does it do? Maximum cover available
Death Benefit Provides a lump sum payment to help pay off your outstanding loan balance in the event of your death $750,000
Terminal Illness Benefit Provides a lump sum payment to help pay off your outstanding loan balance in the event of your terminal illness. $750,000
Trauma Benefit Pays 10% of your death and terminal illness cover in the event you suffer a medical trauma. $75,000
2. Loan Repayment Cover
Benefits What does it do? Maximum cover available
Disablement Benefit Pays a monthly benefit to help meet your loan repayments in the event of your disablement. $7,500 per month
Unemployment Benefit Pays a monthly benefit to help meet your loan repayments in the event of your unemployment. $7,500 per month

Automatic continuation of cover

Once the loan account is closed, the valuable insurance cover continues automatically under Loan Protection without having to provide further evidence of health. Any benefits that become payable are simply paid to you (or your estate) instead of being directed to your loan.


Important Information

1. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances.
2. Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809. A Product Disclosure Statement (PDS) for Loan Protection is available by clicking here, or from any Commonwealth Bank branch or by calling 13 10 56 (from overseas call +61 13 10 56) and should be considered in making any decision about Loan Protection.
3. The offer made in this PDS is currently available only to persons receiving this document within Australia. Applications from outside Australia will not be accepted.
4. Business Insurance Associates are representatives of The Colonial Mutual Life Assurance Society Limited (CMLA) ABN 12 004 021 809.

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