Help cover your home loan repayments when you can’t
Owning our own home is typically one of our greatest ambitions. Many of us think of our home as our greatest asset. While most people insure their home and its contents, they often neglect to cover their greatest asset – themselves.
Like many people you may think a protected loan is something you don’t need or can’t afford but did you know that:
- Each year approximately 1 million Australians experience serious injury or illness, which either requires hospitalisation or prevents them from working1, and
- More than 60% of Australians will be disabled for more than 3 months during their working life2
Could you meet your home loan commitments if you became ill or injured and were unable to work? Like many of us, the answer is probably no. That’s why a protected loan is so important.
How does a protected loan work?
A protected loan is designed to:
- Pay a lump sum to cover the loan should you be diagnosed with a terminal illness or pass away (Life Cover), or diagnosed with a covered medical condition (Recovery Cover); and
- Pay a monthly amount if you cannot work due to injury or illness or involuntary unemployment (Repayment Cover).
A loan protection solution can be an affordable and easy way to provide your family with peace of mind should something happen to you, and help ensure your family can continue to live in the family home if injury or illness means you are no longer able to pay the mortgage.
What cover can I take?
You can choose different cover types and levels of cover that suit you and your budget. Your eligibility and the premium you pay will depend on a number of factors including your age, occupation and the cover you elect. Premiums are fixed for 5 years. Cover can cost as little as a dollar a day.
How can I find out more about a protected home loan?
Let your RAMS Home Loans consultant know you are interested in finding out more. Your RAMS Home Loans consultant will arrange for you to receive a no obligation phone call from the insurer, St. George Life, who will provide you with more information. An application can be taken over the phone or you can receive further information via email. You may even be eligible to receive immediate interim life cover once your have completed your application. Organising loan protection doesn’t have to be complicated or expensive. Please note that your RAMS franchisee will be entitled to a commission of 7% of your first year's premium.