What’s the difference between Loan Cover and Loan Repayment Cover?
Last updated 03 December 2015
Loan Protection is made up of two different cover types – Loan Cover and Loan Repayment Cover.
Loan Cover is insurance for your outstanding loan balance. It can help by paying a lump sum toward your loan if you become terminally ill, pass away or if you suffer a heart attack, stroke, cancer or coronary artery disease requiring bypass surgery.
Loan Repayment cover is insurance for your minimum monthly loan repayments. It can help with repayments if you become involuntarily unemployed or if you can’t work because of an illness or injury.
You can find out more, including about limits and exclusions, in the PDS.
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. All claims are administered by CMLA. When reference is made to “us” or “we”, this means CMLA. The Home Loan Protection Product Disclosure Statement (PDS) and the 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.