We are delighted to be an authorised representative of Australia Life Insurance ('ALI'), and able to offer its Loan Protection Plan.
This life insurance product has been specifically designed to provide convenient access to valuable life insurance protection at the time of applying for a loan or a loan increase. It is issued by Tower (one of Australia's largest risk-only insurers) and distributed by ALI.
The main features and benefits are:
- The first 3 months of cover are free, providing an extended
cooling off period to consider your options (please note there are several exclusions during this period - please see the Product Disclosure Statement for details).
- No medical examination required.
- Competitive premiums.
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The amount of the Death Benefit is in line with the amount of the loan.
- The amount of the Terminal Illness Benefit is also in line with the amount of the loan. Paid when the insured person is terminally ill and has a life expectancy of less than 12 months.
- The amount of the Living Benefit is 30% of the amount of the loan, and is paid if the insured person is diagnosed with any one of 11 specified serious medical conditions. - Benefits can be increased automatically in line with the Consumer Price Index ('CPI').
Eligibility for the product will be discussed with you by our Lending Manager when your loan request is being discussed.
Naturally, before you make any decision about this product, you should obtain full details via the Product Disclosure Statement and Financial Services Guide, consider whether the product is suitable to you and your individual circumstances, and if you are unsure, seek the assistance of an independent financial adviser.
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