Loan protection

Loan protection provides cover to help meet loan commitments should you die, become terminally ill, suffer a medical trauma or become disabled or unemployed. It also provides valuable ongoing cover once your loan ends, so that benefits are paid to you (or your estate).

Application requires no medical examinations – all health information is covered in a few simple questions. Loan Protection offers the following types of cover which can be taken individually or together.

Loan Cover

• Death Benefit - provides a lump sum payment to help pay off your loan balance in the event of your death.
• Terminal Illness - provides a lump sum payment to help pay off your loan balance in the event of your terminal illness.
• Trauma Benefit - pays 10% of your death and terminal illness cover in the event you suffer a medical trauma.

Loan Repayment Cover

• Disablement Benefit - pays a monthly benefit to help with loan repayments in the event of your disablement.
• Unemployment Benefit - pays a monthly benefit to help with loan repayments in the event of your unemployment.

Apply now

Visit any Commonwealth Bank Branch to apply.

 

• Important Information
  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. 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 here, 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. 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. Business Insurance Associates are representatives of The Colonial Mutual Life Assurance Society Limited (CMLA) ABN 12 004 021 809.