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Home and personal loans are often a long term commitment. And whilst no one expects to die, become disabled or involuntarily unemployed - such unfortunate events do occur. Many of us know or have heard of someone who has experienced such a life event. So it makes sense to help protect your ability to meet loan repayments or pay out your loan.
National LoanCover (available for NAB home loans) and MLC Personal LoanCover (available for NAB personal loans*) - does exactly that. Subject to the Policy terms and conditions and depending on the type of loan you have either National LoanCover or MLC Personal LoanCover will provide you with:
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cover for your outstanding loan balance if you die:
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up to a maximum of $400,000 for home loans (subject to age at Commencement Date) or
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up to a maximum of $80,000 for personal loans and
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cover for your loan repayments, up to a maximum monthly amount of $5,000, if you are disabled; and
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cover for your loan repayments, up to a maximum monthly amount of $5,000 for up to a maximum period of 4 months, if you are involuntarily unemployed.
You can choose to have your premiums deducted from a nominated NAB account (excluding credit cards) or have them funded through the loan itself. It is easy to apply - with no lengthy personal medical questions, medical examinations or blood tests (pre-existing medical conditions are excluded from cover).
Both National LoanCover and MLC Personal LoanCover can help to reduce some of the concerns that most of us feel when we have large debts. If you are after a simple protection package for your NAB home or personal loan, these policies may provide you with what you are looking for.
Neither National LoanCover or MLC Personal LoanCover are compulsory and insurance for your loan can be arranged with another insurer of your choice.
Full details of the benefits, features, conditions and exclusions of National LoanCover and MLC Personal LoanCover is contained in the relevant Product Disclosure Statement which are available by downloading it via the link or by phoning 13 22 95 or by visiting your local NAB branch.
Want to know more? Contact your banker or contact us.
* This product is not available for all NAB loans, so please check with your banker
Important Information
MLC Limited ABN 90 000 000 402, AFSL 230694 of 105-153 Miller Street, North Sydney, NSW 2060, is the issuer of National LoanCover and MLC Personal LoanCover.
MLC Limited (MLC) is a related body corporate of NAB. A National LoanCover or MLC Personal LoanCover policy does not represent a deposit with, or liability of, NAB or any of its related bodies corporate (other than a liability of MLC as insurer). Neither NAB, nor any of its related bodies corporate (other than MLC as insurer) guarantees or accepts liability in respect of National LoanCover or MLC Personal LoanCover.
Information about National LoanCover and MLC Personal LoanCover is contained in the relevant Product Disclosure Statement ('PDS') which can be obtained by phoning 13 22 95 or by downloading it via the link. You should obtain and consider the PDS before making any decision about whether to acquire or continue to hold any insurance product. Conditions and exclusions apply to each product. Please refer to the PDS for the full terms and condition of the insurance cover provided.
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