BSB 805 050

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BSB 805 050

Mortgage Repayment Insurance

Insure the expense of repaying your mortgage to keep your home safe from unexpected changes

Dont let a setback put your home in jeopardy

Meeting home loan repayments is an important responsibility. But if you were unable to work due to illness or injury, lost your job involuntarily or if you passed away, how would your family cope with the repayments?

Partnering with CGU, one of Australia’s most trusted and credentialed insurers, we offer optional Mortgage Repayment Insurance packages which may cover the cost of repaying your mortgage should your situation change.

You can choose to cover your home or investment loan repayments, whichever type you hold, with your choice of protection types to make it affordable for you.

Mortgage Repayment Insurance is available to eligible members  to purchase with a new People's Choice residential home loan, or within the loans first two years.

Get a quote today by calling 13 11 82 or visiting your nearest branch - it’s quick and easy.

All Mortgage Repayment Insurance policies are subject to a cooling-off period which lets you cancel your policy within 28 days from the commencement of the policy.

Find more information by clicking the FAQ tab at the top of this page.


What are my cover options?

  • Disablement due to illness or injury - up to $3,500 per month until you are able to return to work or the claim reaches its benefit limit being the lesser of 30 months or the loan
    balance/credit limit ($210,000 policy limit).
    A waiting period of 21 days applies before a claim.

  • Involuntary unemployment - up to $7,500 per claim for a maximum of 180 days. One claim per 12 month period ($15,000 policy limit).
    Waiting period of 21 days applies before a claim.

  • Life cover – the loan balance/credit limit as at the date of death or  $500,000, whichever is lesser.

  • Trauma cover (in the event of Trauma eg Heart Attack, Coronary Artery Surgery, Stroke, Cancer) – benefit selected up to $50,000.

  • Hospitalisation due to illness or injury: subject to a policy maximum of $6,000.
    Waiting period of 5 days applies before a claim. Hospitalisation due to Mental illness or injury is excluded.

 


What are the key cover exclusions?

The insurance does not cover:

  • more than one monthly benefit at the same time
  • more than one Life Insurance Benefit in total regardless of the number of people named on the schedule
  • more than one Trauma Benefit under the policy per person named as an insured on the policy schedule
  • any benefit as a result of an event or a circumstance indicated in the table below:

 

Event or circumstance

Life

Disablement & Hospitalisation

Involuntary unemployment

Trauma

Suicide occurring within 13 months of the commencement date.

X

 

 

 

Any illness, injury or condition known to be present in the 12 months preceding the commencement date.

X

X

 

X

Any illness sustained or manifested within 30 days of the commencement date.

 

X

X

 

Any Trauma that occurs within 90 days of the commencement date.

 

 

 

X

An intentionally self-inflicted illness or injury or engaging in a criminal act.

 

X

X

X

Childbirth, abortion or pregnancy (including conditions accelerated or induced thereby).

 

X

X

 

Alcoholism, drug addiction or the influence of intoxicating liquor or drugs.

 

X

X

 

Cessation of Your employment within 30 days of the commencement date or failure to provide proof of at least 60 days continuous employment prior to any period of Involuntary unemployment.

 

 

X

 

More than one claim per 12 month period.

 

 

X

 

Refer to the PDS for all exclusions and limitations of cover and also any waiting periods that may apply at the time of a claim.


How to make a claim

Call CGU on 1800 248 224 and quote your policy number.

Please refer to the relevant Product Disclosure Statement (PDS) for full details of cover limits and terms and conditions.

 

Most popular questions...

More questions...

  • What information will I need when lodging a claim?

    The more information you are able to give the CGU claims consultant, the quicker we will be able to settle.

    You will need to provide the following details:

    - Your policy number and type
    - Verify your personal policy details
    - The name of the insured on the policy
    - Detailed description of the incident
    - The date of loss and the loss address
    - Any details of other parties involved (if applicable)

hi…

Thank you for your enquiry. Unfortunately we don’t have a branch in this area, so please call us on 13 11 82 to see how we can still help you.

Subject to the product issuer’s underwriting rules and acceptance guidelines.
Terms, conditions and exclusions apply and are available upon application. Excess periods may apply. Refer to the Product Disclosure Statement (PDS) for more details.
The information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Product Disclosure Statement (PDS), other Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.
General insurance (including Travel Insurance) is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. The insurer of the Life and Trauma cover is AMP Life Limited ABN 84 079 300 379 AFSL No. 233671 (AMP). CGU administers the Life and Trauma cover on behalf of AMP and CGU’s liability under that policy is limited to the administration of that cover including the management of claims. 
All our insurance issuers pay commission at rates which range from 0% - 40% of the base premium. The commission rate varies depending on the type of insurance.
People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd. ABN 11 087 651 125 Australian Financial Services Licence 244310, acts under its own Australian Financial Service Licence and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance.

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