What is Loan Protection?
When it comes to insuring your car or home, you wouldn’t think twice. But what about protecting your ability to meet your financial commitments, like taking out insurance to help cover your home loan repayments?
If you were to suffer from a serious illness or accident and were unable to work, became involuntarily unemployed, or if something worse were to happen, the last thing you’d want your family to worry about is your home loan repayments.
Loan Protection is insurance designed to help cover your repayments and ease the burden on your loved ones.
As with any insurance, when deciding if you need Loan Protection you need to consider how you would manage some life changing events. Consider the questions below.
• Could your family keep their home if you were no longer around?
• If you involuntarily lost your job, how would you be able to pay your home loan?
• How much pressure would your repayments put on your family if you couldn’t work due to illness or injury?
• If you were diagnosed with a medical trauma like cancer, would you and your family need a financial buffer to allow you to focus on getting better?
Choose the cover that’s right for you
CommBank offers you the ability to choose the types and level of cover that best meets your needs. You can insure 25%, 50% or 100% of your home loan up to a total of $750,000.
Could pay off your loan if you become terminally ill or die. It could also make a payment towards your loan if you suffer from a medical trauma to allow you to focus on your health, instead of your repayments, during a difficult time.
If you have a CBA Home Loan you can get a quote and apply now in just a few minutes.
If you are in the process of getting a Home Loan with us or would like more information, talk to an expert in branch or call 13 2221 (8.00am to 8.00pm, 7 days).
Things to know before you Can:
This advice has been prepared without considering your objectives, financial situations or needs. Before acting on the advice, please consider its appropriateness to your circumstances.
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 by non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. A Product Disclosure Statement (PDS) for Loan Protection is available online, 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. You can also download our Financial Services Guide (FSG).