Consumer Credit Insurance for Personal Loans
From as little as 50c per week1, you can protect your Suncorp Bank Personal Loan repayments, should you be unable to meet them due to disability, or death.
- No Medical Checks
- No Hidden Expenses
|Cover for two borrowers||You can choose a policy for just yourself, or, if applicable, a joint policy to cover the other borrower on your Personal Loan.|
|The choice of two covers|
We offer cover for:
- Death Only
- Death and Temporary Disablement2
|Cover when you need it||If we accept your application, cover under your policy will begin on the day your Personal Loan settles, and your loan money is disbursed.|
|Hassle-free premiums||For your convenience, premiums are included in your monthly loan repayment sum.|
|Payments straight to your Personal Loan|
In the event of your death, Suncorp Life & Superannuation Limited will pay out the balance of your personal loan, up to a maximum of $60,000.
In the event of your temporary disablement, Suncorp Bank will pay the minimum monthly loan repayment for each full month of disablement, or 1/30th of the minimum monthly loan repayment for each day you are entitled to benefits for less than a full month.
How to Apply
In order to be considered eligible, you must:
- Be a Suncorp Bank Personal Loans customer.
- Be able to confirm that you are in generally good health.
- Not be turning 65 years of age, or older, before the end of your loan contract term.
- Have received the Product Disclosure Statement (PDS) in Australia, and are an Australian resident.
How to apply
How do I Claim?
Call us as soon as possible on 13 11 75.
Does Suncorp Consumer Credit Insurance for Personal Loans suit all circumstances?
Like most insurance policies, Suncorp Consumer Credit Insurance for Personal Loans policy is subject to exclusions.
- For example, if you have a pre-existing medical condition at the time of you applying for this policy, we will not pay a claim if your death or temporary disability is caused by this pre-existing medical condition.
For more details, please refer to the Suncorp Consumer Credit Insurance for Personal Loans Product Disclosure Statement. You may also wish to consider obtaining advice from a financial planner who can take into account your personal circumstances before you make any decision.
How much does Suncorp Consumer Credit Insurance for Personal Loans cost?
If you choose to apply for Suncorp Consumer Credit Insurance for Personal Loans, your premium will be added to your monthly Personal Loan repayment. The amount of your premium is dependent on the amount of your loan, the term of your loan and the type of cover you have chosen.
To get a quote please refer to the premium rates table in the Suncorp Consumer Credit Insurance for Personal Loans Product Disclosure Statement or make an appointment with a Lending Consultant at your nearest branch.
Alternatively, please call us on 13 11 75.
Things you should know
1. Based on Death cover only on an average loan amount of $15,000 over a 3 year term.
2. If there are two Suncorp personal loan borrowers applying for cover, only one borrower can choose to have both Death and Temporary Disability Cover.
Suncorp Consumer Credit Insurance for Personal Loans is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 (SLSL). The information contained on this page is a summary only and maybe subject to change.
Any information contained in this document has been prepared without taking into account your objectives, financial situation, or needs. For that reason, before acting on this information, you should consider its appropriateness having regard to your own objectives, financial situation and needs. You should read and consider the Suncorp Consumer Credit Insurance for Personal Loans Product Disclosure Statement issued by SLSL before making any decision about whether to acquire the product. You may wish to also consider obtaining independent advice before making any decision about the product. SLSL is a subsidiary of Suncorp-Metway Limited ABN 66 010 831 722 (Suncorp). The obligations of SLSL are not guaranteed by another company in the Suncorp Group. Suncorp Consumer Credit Insurance for Personal Loans is not a bank deposit or other bank liability of Suncorp.
Your Duty of Disclosure
This information is a summary only. For more details, please refer to the Suncorp Consumer Credit Insurance for Personal Loans Product Disclosure Statement (PDS). The payment of any benefit under a Suncorp Consumer Credit Insurance for Personal Loans policy will be subject to exclusions outlined in the Suncorp Consumer Credit Insurance for Personal Loans Product Disclosure Statement. Provision of cover is subject to our confirmation of acceptance of your application and other terms that may apply to the product.
When you apply for Suncorp Consumer Credit Insurance for Personal Loans you have a duty under the Insurance Contracts Act 1984 to tell us the truth. If you do not do this, we may be able to cancel your policy or reduce your level of cover.