You never know what curveball life will throw at you!
Project 1 Finance Pty Ltd knows all too well that our health can rally against us when we least expect it. So, let us walk you step by step through the features of loan protection cover. If you’re still in doubt as to the best policy for you, our helpful and friendly consultants can help.
What is loan protection insurance?
Loan Protection Insurance protects you against the risk of being unable to meet your financial loan commitments – subject to any maximum payouts stipulated in the contract – because of death, trauma, disability or involuntary unemployment. Any claim under this type of cover will be paid in addition to any of your sick leave or compensation entitlements and gives protection to your family or loan guarantor, rather than passing the burden of debt.
This type of insurance is not compulsory and can only be taken out as part of a loan package. If it is for a business, then a Business Loan Protection Insurance can only be taken if at least 50% of the loan will be applied towards a business or for investment purposes.
Trauma and death cover applies if you are diagnosed with either cancer, coronary artery bypass surgery, heart attack or major stroke.
Disability cover applies if you become totally disabled (and unable to draw an income) for longer than the elimination period, subject to the policy’s limits. The payments will start from the end of the elimination period and continue until death if you are totally disabled or the policy ends.
Involuntary Unemployment Cover will pay your loan repayments that are due under your loan agreement, in the event you become involuntarily unemployed for longer than the elimination period.
You have a choice of a combination of cover:
• Trauma and death, disability and involuntary unemployment • Disability and involuntary unemployment • Trauma and death and disability • Disability only or • Trauma and death only.
Protect yourself against life’s unpredictabilities by taking out loan protection insurance; benefit from our privileged access to Australia’s best lenders and most sensible deals. For more information and to give yourself peace of mind, enquire about loan protection insurance by contacting us today.
Why choose Project 1 Finance?
Fix loan terms
We only deal with trusted Australian lenders, who are viable and willing to assist in negotiating a flexible loan, tailored to your needs.
Project 1 Finance Pty Ltd is a brokerage that works with its clients to ensure they know the real deal and what is being offered is the right fit for them.
We work effortlessly to find you the best loan solutions at the most competitive rates