Does my Loan Protection cover decrease automatically if I make a large repayment on my loan?
Last updated 27 November 2015
Yes, your Loan Protection cover decreases as your loan balance goes down. Your premium will stay the same though, as it’s calculated based on your original loan amount and duration.
Your cover won’t automatically increase if you top up your loan.
To change your level of cover call us on 13 3982 between 8am - 8pm, Monday - Friday (Sydney/Melbourne time) or visit any Commonwealth Bank branch.
Important information: 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 but 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 3982 and should be considered in making any decision about Loan Protection. You can also download our Financial Services Guide (FSG).