Covers your repayments

Can pay your minimum monthly personal loan repayments every month (for up to 12 months) until you return to work if you're unable to work due to an injury or illness or because you lose your job involuntarily.

Pays off your balance

Pays off your remaining personal loan balance up to $50,000 if you're diagnosed with a medical trauma or if you pass away.

How it works

Before you begin

  • You need to be a CommBank Personal Loan customer aged between 18 and 54 and living in Australia
  • Cover for some benefits does not start for up to 120 days (90-day qualifying period plus 30-day waiting period)
  • You can cancel your policy and get a full refund in the first 30 days if you change your mind

For more info read the Personal Loan Protection Product Disclosure Statement (PDS).

Can you claim?

You may be able to claim for Personal Loan Protection if:

  • You're working more than 15 hours a week on average and your employment is non-seasonal
  • You lose your job involuntarily rather than quit your job, retire or accept voluntary redundancy
  • Your claim is caused by an injury or illness of which you have symptoms after your policy starts

A trauma benefit will only be payable if you meet the precise meaning of our medical definitions such as a heart attack or cancer.

How to apply

Applying for Personal Loan Protection is easy, with no medical questions asked.

Simply add the insurance when applying for a CommBank Personal Loan. Existing CommBank customers can apply in NetBank. Alternatively, you can call 13 2423 or visit a branch.

Apply now

How much does it cost?

$25 per month for all eligible customers.

Your premium includes stamp duty and you don't have to pay GST on it. 

loan protection

How to make a claim

  • Call 13 3982 between 8am and 5pm, Sydney time, Monday to Friday.
  • Our claims team may send you a claim form and a letter outlining the supporting evidence required for us to assess your claim.

Tell me more

Looking for Home Loan Protection?

Things you should know

Personal Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. This information is provided by CMLA and where we refer to ‘we’ and ‘our’, we mean CMLA.

Personal Loan Protection Product Disclosure Statement(PDS) is available online or from any Commonwealth Bank branch or by calling 13 3982, and should be considered in making any decision about Personal Loan Protection. You can also download a Financial Services Guide (FSG).

This advice has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances.