ALI Loan Protection
Loan protection made simple
When you take out a home loan through your Loan Market broker, you automatically become a part of the Loan Market family. Being part of our family means we get to share in the excitement of your new home or investment property. It also means we look out for each other.
We understand that there are lots of things competing for your attention during this time – dealing with loan documentation, arranging removalists, and liaising with solicitors. That’s why we are automatically arranging 30 days complimentary loan protection insurance through our partner, ALI Group, when your loan application is formally approved through your Loan Market broker.
ALI Group’s Loan Protection Plan provides you with a financial benefit you can use for any purpose of your choice in the event of the following:
- Death and Terminal Illness: Pays a benefit to you or your estate based on the loan amount and to a maximum benefit amount of $750,000.
- Critical Illness: Equal to 30% of the Death and Terminal Illness benefit.
- Involuntary Unemployment: Pays a maximum of three monthly benefits up to $2,500 per month, within the first year of the policy.
How it works
If you are eligible for the automatic issue of 30 days complimentary cover, you will receive an email with all your policy details and confirmation of your policy commencement date. This information will allow you to assess the suitability of Loan Protection Plan to your needs and decide if you wish to continue with your policy after 30 days. The policy automatically expires at the end of the 30 day period unless you consent to continuation. Fees and charges will then apply.
You’ve worked hard to buy your home or investment property. Let us help you protect it.
Terms and Conditions
Automatic Loan Protection Plan
1. The automatic arrangement of Loan Protection Plan is available only through the following selected Loan Market Brokers:
2. The selection of Loan Market Brokers is at the sole discretion of Loan Market. If your broker is not listed, please ask them to tell you more about Loan Protection Plan.
3. Loan Protection Plan will not be arranged automatically if:
b. you have declined an offer by your Loan Market broker to assist you to apply for a Loan Protection Plan policy. If you are unsure if you have declined an offer to assist with the application for a Loan Protection Plan policy, please check with your Loan Market broker; or
c. you have an existing Loan Protection Plan Policy. If you are unsure if you have an existing Loan Protection Plan Policy, please contact ALI Group on the contact details below.
4. Please refer to the Loan Protection Plan Product Disclosure Statement for terms and conditions of the policy, including standard eligibility requirements.
5. The insurers, the distributor and Loan Market do not accept any liability whatsoever to you or any beneficiary for the failure of the insurer, the distributor or Loan Market to automatically arrange or issue a Loan Protection Plan Policy or to automatically arrange or issue a Loan Protection Plan Policy by a specific date.
6. If you believe a Loan Protection Plan Policy should have been automatically arranged and issued for you and you have not received your Policy Schedule and Policy Document, please contact your Loan Market broker directly or ALI Group on the contact details listed below.
7. If you believe the information on your Policy Schedule is incorrect, please contact ALI Group on the contact details listed below.
ALI Group contact details:
Phone – 1800 006 776
Email – firstname.lastname@example.org
Post – GPO Box 4737, Sydney NSW 2001.