Payment Protection Plan (Payment Waiver)
The purpose of this protection plan is to cover you for life’s unforeseen happenings – for example being off work because of serious injury or illness or being made redundant or in the extreme case death. The payment protection plan takes away the anxiety about how you will manage your loan repayments. (Excludes arrears)
Cost varies on which plan you choose, the amount borrowed and the term of the loan.
For the full terms, conditions and benefits please refer below
Bronze Protection
In the event of your death the balance owing on your loan is paid off less any arrears (if any).
Refer Terms and Conditions
Silver Protection
Includes Bronze Protection Benefits, Illness and Accident.
Refer Terms and Conditions
Gold Protection
Includes Bronze and Silver Protection Benefits and Redundancy.
Refer Terms and Conditions
Death of the main borrower whose name appears on the loan document. Benefit – waiver of outstanding instalments as at date of death excluding any arrears.
If 2 borrowers (excludes guarantors) then a 50% loading of the fee applies. (optional)
Includes Bronze plus:
- Accident: Total disablement of the client from attending to employment as a result of accidental bodily injuries and you receive ACC payments as a direct result of the accident. Benefit – waiver of instalments excluding any arrears calculated on a daily basis provided that there shall be no waiver for the first 5 days of such disablement.
- Illness: Any illness unless specifically excluded (pre-existing condition) which causes total disablement of the Client from attending to employment provided the illness does not become manifest within 28 days of the commencement of this Plan. Benefit – waiver of instalments excluding arrears calculated on a daily basis provided that there shall be no waiver for the first 5 days of such disablement.
You cannot apply for benefits in connection with death or disability which is directly or indirectly caused by or results from any illness, injury or degenerative pre-existing condition immediately preceding the commencement date of this Plan.
For the purpose of this Plan Accident means unexpected and unintended by you, including unexpected condition or disease. If 2 borrowers (excludes guarantors) then a 50% loading of the fee applies. (optional)
Includes all of the above plus:
- Redundancy: Redundancy other than voluntary redundancy from full time employment resulting in unemployment for not less than 7 days, provided that at commencement of this cover the borrower did not know or ought to have known that redundancy was possible, probable or likely. : Full time employment shall mean working for salary or wages for a minimum of 30 hours a week. Such expression shall not apply to self-employed persons or working directors. Redundancy benefit does not apply to employees on a 90 day trial, a casual, seasonal or temporary worker.
No benefit under this Plan shall be available to you in respect of:
1. Any occurrence consequent upon:
- Earthquake, volcanism, tsunami or other seismic event.
- Redundancy due to cessation of work where the work is of a seasonal, contractual, self-employed or temporary nature where the Client is employed for a specified period or by reference to specified work and becomes unemployed at the expiration of the period or on completion of the work.
2. Any occurrence happening to the Client whilst:
- Engaging in a criminal act
- Injury caused by or a result of being under the influence of intoxicating liquor, narcotics or drugs, or illness/disease caused by intoxicating liquor narcotics or drugs.
3. Any occurrence attributable either wholly or in part to:
- Pregnancy or childbirth
- Suicide or intentional self-injury or deliberate exposure to exceptional danger (except in an attempt to save human life)
- Alcoholism, chemical or drug dependency
- Redundancy, which is notified or occurs within 60 days of commencement of this plan.
4. No benefit shall be payable as a consequence of, or in any way attributable to any medical condition existing prior to the inception date of this Plan.