Credit Protection Insurance 

Cover Details1

Life Cover

Can help provide you and your family with peace of mind knowing that your loan may be paid if you die or are diagnosed with a terminal illness. 

  • For Mortgage Protection: Fixed lump sum benefit to pay your home loan or line of credit facility. Your lump sum benefit will be equal to your credit limit multiplied by your chosen percentage of cover. Any life cover benefit in excess of the outstanding loan balance will be paid to your estate. Any excess terminal illness benefit will be paid to you.
  • For Loan Protection: Lump sum benefit equal to the outstanding balance of your personal loan as at the date of death or diagnosis of the terminal illness.

Cover for up to a maximum of $1.5m.

Accident & Sickness Cover

Helps you to concentrate on getting back on your feet if you are off work due to accidental injury or sickness. 

  • If you are certified totally unfit for work for a continuous period of 30 days or more, St Andrew’s may pay you a monthly benefit, after the first 30 days, for up to 36 months. Cover ends when you return to work for 50% or more of the hours you were working immediately prior to you being certified totally unfit for work.
  • For Mortgage Protection: the monthly benefit for any claim will be your monthly repayment multiplied by your chosen percentage of cover (for Home Loans) or 0.75% of your credit limit multiplied by your chosen percentage of cover (for Lines of Credit).
  • For Loan Protection: the monthly benefit will be equal to your monthly loan repayment.
  • A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all accident & sickness claims with St Andrew’s.

Involuntary Unemployment Cover

Helps protect your financial obligations while you focus on getting back to work. 

  • If you become involuntarily unemployed for a continuous period of 30 days or more, St Andrew’s may pay you a monthly benefit, after the first 30 days, for up to 6 months for any one claim. If you are an employee, cover ends when you return to work for 50% or more of the hours you were working immediately before becoming unemployed. If you are self-employed, cover ends when you return to work for 20 hours or more.
  • For Mortgage Protection: the monthly benefit for any claim will be your monthly repayment multiplied by your chosen percentage of cover (for Home Loans) or 0.75% of your credit limit multiplied by your chosen percentage of cover (for Lines of Credit).
  • For Loan Protection: the monthly benefit will be equal to your monthly loan repayment.
  • A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all involuntary unemployment claims with St Andrew’s.

When does cover start?

  • Cover begins upon the settlement date of the loan/activation of the Line of Credit facility or the date the application is accepted by St Andrew’s whichever is the later.
  • However, qualifying periods apply for certain covers (meaning events occurring in that period won't be covered). Refer to the Product Disclosure Statement for full details.

Eligibility

You, as the borrower on the Loan, and any additional borrowers, are eligible for cover:

  • If you are aged 18 years and over and under 61 years of age when you apply for cover and you are an Australian Resident
  • For Accident & Sickness and Involuntary Unemployment Cover - you must be employed as a permanent, Self-employed, casual or fixed-term worker.
  • If the total amount you insure with St Andrew's and its related companies is $750,000 or more, you will also be required to complete an additional Underwriting Questionnaire. This Questionnaire will ask for details of your medical history, occupation and other relevant information. St Andrew’s reserves the right to decline your application as a result of the information you provide in the Underwriting Questionnaire, or to accept your application subject to additional terms, conditions or exclusions.

1Qualifying periods, exclusions and limitations apply on all cover levels. Please refer to the Product Disclosure Statement to see if this product is right for you. 

 

Mortgage Protection and Loan Protection are issued by St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 and St Andrew's Life Insurance Pty Ltd ABN 98 105 176 243 AFSL 281731 (collectively St Andrew’s). These insurances are arranged by Coastline Credit Union Ltd ABN 88 087 649 910 AFSL 239175 trading as Coastline, of PO Box 3119 West Kempsey NSW 2440, telephone 1300 361 066, under its own AFS licence and under an agreement with St Andrew's. Terms, conditions, limits and exclusions apply. Any advice given is general only and does not take into account your personal objectives, financial situation or needs. Before deciding whether to purchase or to continue to hold these products you should consider whether any advice is appropriate to your personal circumstances as well as the applicable Mortgage Protection Product Disclosure Statement or Loan Protection Product Disclosure Statement. Coastline is unable to provide personal advice about these products. If you purchase a policy, Coastline receives a commission of 20% of your premium (excluding any government charges or taxes).