Essential Loan Insurance
If you are taking out a loan with B&E, having security is an important consideration. Our loan protection insurance, through our partner CGU, can help put your mind at ease.
Designed to meet your loan or credit obligations, our loan protection insurance provides you with the security that your major commitment will be taken care of in the event of certain unforeseen circumstances.
What can I be covered for?
Disablement: If you can’t work due to illness or injury, we’ll pay the amount you selected to cover your repayment up to $3,500 per month. Our commitment to you will continue until you return to work or the claim reaches its benefit limit of 30 months or the policy limit, whichever comes first.
Hospitalisation: If you are hospitalised due to illness or injury, we’ll pay your repayment during the period you are hospitalised up to a maximum of $6,000 for the life of the policy.
Involuntary unemployment: If you become involuntarily unemployed, we’ll provide you with temporary assistance while you search for a new job. We’ll cover your repayment up to $3,500 per month for a maximum of 180 days. One claim can be made in any 12-month period. A $7,500 limit applies to each claim and during the term of your policy we’ll pay up to $10,000. Please note: Involuntary unemployment cover may only be taken with disablement and hospitalisation cover.
Life cover: If you have a mortgage or personal loan, life cover pays the outstanding balance of your loan (up to the policy limit) upon your death. For a line of credit, overdraft, credit card or interest-only loan, life cover pays the amount of credit (up to the policy limit) that has been made available when you take out the insurance.
Trauma cover: If you suffer a heart attack, stroke, cancer, or have coronary artery surgery, a lump sum selected benefit of up to $50,000 will be paid directly to you. This lump sum payment can be used for anything that is needed, like medical expenses, convalescence, home help, modifications to your home or any other expenses.
For further information on what CGU insurance can offer you call into your local branch, or phone 1300 306 716.
Home & Contents Insurance, Motor Vehicle Insurance, Boat Insurance, Caravan Insurance, Travel Insurance, Essential Cover Loan Repayment Insurance and Landlords Insurance are issued by CGU Insurance Limited ABN 27 004 478 371 AFSL 238291 (CGU). In offering these products, B&E acts under its own Australian Financial Services Licence and under an agreement with the insurers, CGU.
This is general information only and does not take into account your individual objectives, financial situation or needs (‘your personal circumstances’). In arranging this insurance B&E Limited acts as an intermediary for CGU, not as your agent. B&E Limited does not guarantee any claim or benefit payable under the insurance policy. We receive commission on insurance products details can be found in our Financial Services Guide (FSG). Before making decisions about any of these insurance products you should consider the appropriateness of the information having regard to your circumstances and the applicable Product Disclosure Statement (PDS), which is available at any B&E branch or by calling 1300 306 716.