Are you eligible to make a claim under your LoanSure Insurance Policy?
Consumer Credit Insurance – often referred to as Loan Protection Insurance or LoanSure provides cover in the event you are unable to meet your minimum loan or other credit repayments due to unemployment, sickness or injury (under the terms of the policy) – or to pay the outstanding loan balance upon death.
Our review
A recent review identified that you may have experienced a period of financial hardship on your credit facility while a LoanSure policy was in place - and no claim was initiated under that policy.
Do I need to do anything?
We encourage you to discuss your eligibility to initiate a claim under your policy by contacting CGU Insurance, Monday to Friday between 8.30am and 5.00pm AEST/AEDT (select option 1 – claims). Please give some consideration to the supporting information that may be required for a claim.
Depending on the type of cover held, your policy could provide the following cover:
Involuntary unemployment
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Assists in meeting your minimum loan repayments in the event your employment is involuntarily terminated.
Disablement
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Helps meet your minimum loan repayments in the event you cannot work due to illness or injury.
Life
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In the event of your death, a lump sum payment can pay the outstanding balance of your insured loan.
Trauma
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If you suffer a Trauma event covered under the policy and defined in the Product Disclosure Statement, the benefit you have selected can be paid to you.
Terms and Conditions, Limits and Exclusions
The terms and conditions, limitations and exclusions are set out in detail in the Product Disclosure Statement - the main ones you might want to be aware of include:
- You are not covered for Involuntary Unemployment if:
- you are employed for less than 20 hours per week at the time of your claim event; or
- termination of your employment is due to voluntary redundancy, voluntary resignation, or misconduct.
- You are not covered for any illness, injury or condition known to be present in the 12 months preceding the commencement of your policy.
- Limits apply for all covers, including maximum benefit amounts, or maximum periods of time, we will pay; and
- Waiting periods apply to certain types of claims.
How we’re raising awareness
You will have received a detailed letter, explaining what your policy covers and details of how to initiate a claim. Please give some consideration to the supporting information that maybe required for a claim.
Find out more
The terms and conditions, limitations and exclusions are set out in detail in the Product Disclosure Statements available on our disclosure documents page.
Who do I contact for more information?
We encourage you to discuss your eligibility to initiate a claim under your policy by contacting CGU Insurance, Monday to Friday between 8.30am and 5.00pm AEST/AEDT (select option 1 – claims).
