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HOW TO MAKE A LOAN PROTECTION CLAIM

If you need to make a Loan Protection claim, please call 13 3982 (between 8am and 5pm, Sydney time, Monday to Friday) as soon as possible.

Where possible, your claim will be processed over the phone. Otherwise, the claims team will send you a claim form and a letter outlining the supporting evidence required to assess your claim.

You need to complete the claim form and return it, along with supporting evidence of your claim.

For disablement, terminal illness and trauma claims, evidence from a medical practitioner is required.

You’ll need to provide all medical information and any other evidence at your expense, unless you’re asked to undergo a medical or any other assessments.

Access to your medical records and any other information needed to assess your claim may be necessary. This is to independently verify the existence and extent of an illness, injury or other event. Your privacy is important. To find out why this information is needed and how your privacy is protected, see the Home Loan Protection Product Disclosure Statement or Personal Loan Product Disclosure Statement.

*Trauma cover conditions are:

  • Cancer
  • Coronary artery disease requiring bypass surgery
  • Heart attack
  • Stroke

Trauma conditions have specific meanings and a benefit is only payable if you meet the precise meaning of the definition set out in the Home Loan Protection Product Disclosure Statement, Personal Loan Protection Product Disclosure Statement and the Loan Protection Medical Definitions Reference Guide.

 

Your claim will be paid as soon as possible after all the necessary documents have been received and the validity of your claim has been assessed.

Am I eligible to make a claim?

Benefit

Potential Benefit

Eligibility Criteria 

Exclusions

Involuntary Unemployment

The unemployment benefit for each day of unemployment (up to a maximum of 12 months) is 1/30th of the monthly benefit, which is the lesser of:

  • Your minimum monthly repayment, or
  • (Home loans only) 1% of your home loan balance, as at the date the policy started, or as otherwise agreed with you as shown on your policy schedule, or
  • $7,500

However, the minimum benefit we will pay is $600 per month.

  • You need to have lost your job involuntarily
  • You must have been working more than 15 hours per week on average in non-seasonal employment. You are employed if you are permanently or casually employed, self-employed, a sole trader or working under a fixed term contract
  • You were employed for at least 90 consecutive days immediately before you became unemployed
  • You need to be unemployed for the 30 consecutive day waiting period
  • You need to be actively seeking work in Australia to receive benefits
  • You can claim for up to 12 months for this benefit

We won’t pay if:

  • You resign, accept voluntary redundancy, take early retirement or abandon your employment,
  • You become unemployed, directly or indirectly, because your job is seasonal in nature or because your fixed term contract or specific period of work ends,
  • You don’t meet the qualifying period,
  • We’ve paid a death benefit or terminal illness benefit for you under your policy or such a benefit is payable,
  • We’re already paying an unemployment benefit or disability benefit for another person insured under the policy,
  • Your unemployment cover or this policy has ended

Temporary Disablement

The disability benefit for each day of disability (up to a maximum of 12 months) is 1/30th of the monthly benefit, which is the lesser of:

  • Your minimum monthly repayment, or
  • (Home loans only) 1% of your home loan balance, as at the date the policy started, or as otherwise agreed with you as shown on your policy schedule, or
  • $7,500

However, the minimum benefit we will pay is $600 per month.

  • You’ve been working more than 15 hours per week on average in non-seasonal employment. You are employed if you are permanently or casually employed, self-employed, a sole trader or working under a fixed term contract
  • You were employed for at least 90 consecutive days immediately before you became disabled
  • You need to be off work for the 30 consecutive day waiting period
  • A doctor certifies that your disablement has occurred
  • You can claim for up to twelve months for this benefit

We won’t pay if:

  • You’re disabled due to an intentionally self-inflicted injury or infection (including attempted suicide), caused by you, whether you’re sane or insane, within 12 months of specified events,
  • You don’t meet the qualifying period: the illness that caused the disablement occurred, was first diagnosed, the symptoms of it became apparent, or you received professional medical advice or treatment for the related condition on or within 30 days after specified events,
  • You have a pre-existing condition: the disablement for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,

    Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events

  • We’ve paid a death benefit or terminal illness benefit for you under your policy, or such a benefit is payable,
  • We’re already paying an unemployment benefit or disability benefit for another person insured under the policy,
  • Your disablement cover or this policy has ended

Trauma – Coronary Artery Disease Requiring Bypass Surgery, Cancer, Heart Attack, Stroke

Home Loan Protection

If you suffer a trauma, we’ll pay a trauma benefit equal to the lesser of:

  • 10% of your home loan balance, as at the date the policy started, or an amount otherwise agreed with you as shown on your policy schedule, or
  • $75,000

The minimum benefit we will pay is $2,000.

Personal Loan Protection

If you suffer a trauma, the benefit we pay is equal to the lesser of:

  • The amount required to pay off your personal loan, on the date you suffer a trauma, or
  • The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
  • $50,000

You are certified by a medical practitioner as meeting any one of the four medical conditions, as defined in the Medical Definitions Reference Guide, and you have survived 30 days after diagnosis or the event occurring.

We won’t pay if:

  • The trauma results from an intentionally self-inflicted injury or infection (including attempted suicide), caused by you, whether you’re sane or insane, and the trauma occur within the 12 months after specified events,
  • You don’t meet the qualifying period: the trauma occurred, was first diagnosed or the first symptom of the trauma became apparent, or you received professional medical advice or treatment for the trauma, on or within 90 days after specified events,
  • You have a pre-existing condition: a trauma for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,

    Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events

  • You die from any cause within 30 days of first being diagnosed as suffering a trauma,
  • A death benefit or terminal illness benefit has been paid, or is payable,
  • This policy has ended

Terminal Illness

Home Loan Protection

If you are certified terminally ill, the benefit we pay is equal to the lesser of:

  • The amount required to pay off your home loan on the date you were certified terminally ill, or
  • The home loan balance as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
  • $750,000

Personal Loan Protection

If you are certified terminally ill, the benefit we pay is equal to the lesser of:

  • The amount required to pay off your personal loan, on the date you are certified terminally ill, or
  • The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
  • $50,000

You meet the Terminal Illness definition, which means an illness or injury which, in the opinion of a medical practitioner, will likely lead to death within 24 months.

We won’t pay if:

  • Your terminal illness or death results from an intentionally self-inflicted injury or infection (including suicide or attempted suicide), caused by you, whether you’re sane or insane, and the death or terminal illness occurs within the 12 months after specified events,
  • You have a pre-existing condition: an injury or illness for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,

    Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events

  • The death benefit or terminal illness benefit has been paid, or is payable,
  • This policy has ended

Death

Home Loan Protection

If you pass away, the benefit we pay is equal to the lesser of:

  • The amount required to pay off your home loan on the date of your death, or
  • The home loan balance as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
  • $750,000

Personal Loan Protection

If you pass away, the benefit we pay is equal to the lesser of:

  • The amount required to pay off your personal loan, on the date of your death, or
  • The personal loan balance, as at the date the policy started or an amount otherwise agreed with you as shown on your policy schedule, or
  • $50,000

You pass away.

We won’t pay if:

  • Your terminal illness or death results from an intentionally self-inflicted injury or infection (including suicide or attempted suicide), caused by you, whether you’re sane or insane, and the death or terminal illness occurs within the 12 months after specified events,
  • You have a pre-existing condition: an injury or illness for which you were aware of, had symptoms, or received professional medical advice or treatment for the related condition, at any time within the 12 months before specified events,

    Pre-existing conditions will be covered if you have been continuously free of the condition in an unbroken five year period following specified events

  • The death benefit or terminal illness benefit has been paid, or is payable,
  • This policy has ended

Please note: Limitations and exclusions may apply for each benefit type. Please refer to the Home Loan Protection Product Disclosure Statement (HLP PDS) or Personal Loan Protection Product Disclosure Statement  (PLP PDS) for more details.

Call us on 13 3982 between 8am and 5pm, Sydney time, Monday to Friday to discuss your eligibility to claim in more detail.

Things you should know

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. This information is provided by CMLA and where we refer to ‘we’ and ‘our’, we mean CMLA.

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