Can someone other than a borrower on the loan be insured by Loan Protection?
Last updated 27 November 2015
No, only the borrowers on the loan can be covered by Loan Protection.
If you have a joint loan, you can apply for joint Loan Protection cover. This means you’ll both be covered by the one policy and both be policy owners. If your policy islinked to a Home Loan you can choose a different combination of cover types, which means that you could have Loan Cover while the other borrower has both Loan Cover and Loan Repayment Cover.
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).