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Home / Banking / Insurance / Loan Repayment Insurance

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Mortgages and Personal Loans are often long term commitments, so it makes sense to protect them with Loan Repayment Protection Insurance.

Loan Repayment Protection Insurance is your safety net, which will protect you if misfortune strikes and you are unable to meet your monthly loan repayments due to disability, involuntary unemployment or death. Loan Repayment Protection Insurance relieves the financial burden for you and your family in your time of need.

We offer two loan protection products depending on your type of loan. It is important that you understand that this insurance is optional and you can only purchase this insurance if you have a loan with Northern Inland.

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  Mortgages - Allianz Five Year Mortgage Repayment Insurance Features
  • Cover 24 hours a day, 7 days per week
  • A death benefit of up to $750,000
  • A monthly disability benefit for up to 24 months
  • Involuntary unemployment benefit of up to $3,000 per month of unemployment for up to 120 days; or
  • up to a maximum of $10,000 in any one policy period, whichever occurs first
  • policy can be taken up after the loan is funded on monthly payment terms

  Personal Loans - Allianz Loan Cover Insurance Features
  • Cover 24 hours a day, 7 days per week
  • A death benefit of up to $80,000
  • A monthly disability benefit
  • Involuntary unemployment benefit for up to 120 days per claim; or
  • up to $10,000 for any one policy period, whichever occurs first
  • policy is required to be taken out at the time of the loan funding

 

How to claim

You can make a claim by calling Allianz on 1300 362 108 between 8.30am - 5.30pm Monday to Friday, Australian Eastern Standard Time excluding public holidays.

 

Important Information:

Northern Inland Credit Union ABN 36 087 650 422 AFSL 235022 arranges this insurance as agent of the insurer Allianz Australia Insurance Limited (“Allianz”) ABN 15 000 122 850 AFSL 234708. Allianz is the insurer of the Disability cover (Part 2) and Involuntary Unemployment cover (Part 3) and is only responsible for these covers. Allianz Australia Life Insurance Limited (“Allianz Life”) ABN 27 076 033 782 AFSL 296559 is the insurer of the Death cover (Part 1) and is only responsible for this cover. Allianz acts as Allianz Life’s agent in offering and administering the Death cover.
We do not provide advice on this insurance based on any consideration of your objectives, financial position or need. Policy terms, conditions, limits, exclusion, eligibility criteria and underwriting criteria apply. Before making a decision please consider the relevant Product Disclosure Statement available on our website. If you purchase this insurance, we receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services. Where insurance premium is paid as part of a loan payment, interest will be payable on that premium. Before making a decision please read the Product Disclosure Statements: Allianz Five Year Mortgage Repayment Insurance , Allianz Loan Cover Insurance, How to Pay also available at any branch or by calling Northern Inland on 1300 65 65 81.