A brokers responsibility goes beyond helping you find the right loan. It's also about making sure you understand the risks, so you can best decide how you can protect against them and meet your loan obligations.
How would you or your family meet your loan repayments if you lost your job, suffered a serious illness, or even died?
Would you have to dig into your hard earned savings?
Could you access your super?
Would family and friends help contribute towards mortgage repayments for sevral months while you get back on your feet?
Would you have to sell your home or other assets? This could take 3-4months
Could you still manage personal living expenses?
Nobody likes to think about it
Unfortunately, 60% of Australians believe they'd need to sell an asset within three months of losing their income. So it's something that can't be ignored.
Loan Protection Plan – a simple solution
A Loan Protection Plan is an insurance product that may provide affordable protection for you and your family. It's designed specifically for home and property buyers and it's available through our partner, ALI Group.
What's so good about the ALI Loan Protection Plan is that it covers you for 11 serious illnesses (something most super insurance don't offer), involuntary unemployment for the first 5 years, as well as death and terminal illness. You don't need a medical to get the cover either. One more very important thing. In the event of a payout, the money is paid to you, not your lender.
ALI Group’s Loan Protection Plan provides the following key benefits:
Who are ALI Group?
Established in 2003, ALI Group is a specialist risk insurance business committed to ensuring people just like you are provided with convenient and timely access to affordable loan protection.
ALI Group delivers quality products that are easy to understand, obtain and claim upon, by means of a simple offer process that allows you to make an informed decision on your need for protection.
ALI Group’s Customer Service Centre is there to help answer any questions or requests regarding your policy. Their in-house claims team will assist you through all stages of the claims process should you need to make a claim.
If you would like more information about ALI Group or to see how ALI has assisted more Australians when they really needed it go to www.aligroup.com.au.
This information has been prepared by Australian Life Insurance Distribution Pty Limited (ABN 31 1031 57811) which holds an Australian Financial Services License (AFSL 226 403). Your loan consultant is acting as an authorised representative of the licensee in offering to arrange for you to obtain cover.
Loan Protection Plan is issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness, Living and Accidental Injury Benefits) and QBE Insurance (Australia) Limited ABN 78 003 191 035, (AFSL 239545) (Involuntary Unemployment Benefit). ALI receives commission and your loan consultant may receive commission for each policy sold. Please refer to the FSG available from your loan consultant for more information about our remuneration. Any advice provided is of a general nature only and does not take into consideration your objectives, financial situation or needs. You should consider the Product Disclosure Statement (available at www.aligroup.com.au) when deciding if this product is appropriate for you.
Sources: 1 Zurich (Feb 2014). Research whitepaper: Australians and life insurance: misinformed, misinsured?
The real-world benefits
Meet Paul. He's a husband and father to four children. In 2014 Paul was diagnosed with Oesophageal cancer. Thankfully Paul’s broker offered him Loan Protection Plan which made his life a little easier following the diagnosis. Watch his story.