Personal and car loans can add up to be substantial commitments, so it makes sense to consider Personal or Car Loan Repayment Insurance.

Loan Repayment Insurance provides members of SERVICE ONE Members Banking with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, you and your family's assets will be safe and your loan repayments will be taken care of.

Highlights

• Cover applies 24 hours a day, 7 days per week
• Death benefit up to $250,000
• Disability benefit is your regular loan repayment whilst disabled
• Involuntary unemployment maximum benefit of $5000
• Trauma benefit up to $50,000

Key Features

There are two main covers. You can choose one or both of these benefits with your cover:

• Death cover
• Disablement cover

There are two additional covers available:

• Involuntary unemployment cover
• Trauma cover (You must select Disablement cover if you wish to select Involuntary unemployment cover).

Death cover
In the event of death:

• the insurer will pay the lower of your loan balance or $250,000 as at the date of death. ^

Disablement cover

If you are unable to work because you have suffered an injury or sickness, the insurer will pay your repayments as shown on your policy schedule, i.e:

• 1/30th of your regular monthly repayment for each day while you are totally and continuously unable, due to sickness or injury for more than 14 days, to perform the duties of your usual occupation.^

Involuntary unemployment cover

If you are unable to continue your permanent employment as a direct result of involuntary dismissal or retrenchment by an employer, the insurer will pay the lesser of the regular loan repayments for 90 days or $5000. ^

Trauma cover

If you suffer a trauma, the insurer will pay the loan balance up to $50,000. ^

Would you like to know more about Personal / Car Loan Repayment Insurance?

Service One Credit Union Limited operates SERVICE ONE Members Banking. We act under our own Australian Financial Services Licence and under an agreement with CUNA Mutual Life Australia Limited ABN 83 089 981 073 AFSL 245492, the issuer of this product.

Download CUNA's MemberCare Loan Insure Product Disclosure Statement

Product Disclosure Statement - MemberCare Loan Insure

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Why not call and talk to us about your personal/car loan repayment insurance requirements.

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