Mortgage Protection provides a simplified life insurance product that can be purchased if you have a mortgage.

If you've invested in the great Australian dream, how would your mortgage repayments be met if you were unable to work?
     
Mortgage Protection offers you a simplified life insurance product that can be purchased if you have a mortgage. It helps you to cover your mortgage repayments in the event of your death or if you should become totally and permanently disabled.

It also provides cover for your loan repayments if you are off work and not earning an income due to an accident, an injury or an illness. Cover is available for most occupations and you are protected 24 hours a day 7 days a week anywhere in the world, whilst at work, at home or on vacation.

The Mortgage Protection can cover mortgages on residential and commercial properties owned by individuals as their primary home or as an investment property.

Following is a summary of some of the main features of this product. For full details, please refer to your Product Disclosure Statement or speak to your adviser.
Mortgage Protection provides two packages.

Package 1

Generally covers any mortgage(s) outstanding at the start of the cover if the life insured dies or becomes totally and permanently
disabled. It also provides a monthly income benefit in the event of total or partial disablement of the life insured through injury or
sickness. The income benefit can be used to help cover regular mortgage repayments at the start of the cover. Package 1 provides:

• Term Life benefit.
• Permanent Disablement benefit.
• Disability Income benefit.
• Claim Escalation benefit.
• Lump sum payment on death or total and permanent disablement.
• Monthly benefit upon total or partial disablement.
• Available only for lives insured in paid full-time employment (Working for 25 hours or more per week, 48 weeks per year, excluding public holidays). Not available for occupation category E and plans on ‘home duties’.
  

Package 2

Provides cover for death and total and permanent disablement (‘home duties’ definition) only. Package 2 provides:

• Term Life benefit.
• Permanent Disablement benefit (‘home duties’ definition).
• Available only for lives insured on ‘home duties’, in paid employment in occupation category E or in paid part-time employment in any eligible occupation category. (Part-time employment is working for pay but not working full-time).
  

Entry age

20 to 60 years next birthday - occupations AAA, AA, A and B
20 to 55 years next birthday - occupations B, C, and ‘home duties’
20 to 50 years next birthday - occupation E

Expiry date

Policy term is 10 years or to age 65 years next birthday if earlier.

Maximum sum insured

Term Life and Permanent Disablement benefits – Outstanding mortgage amount at application up to a maximum of $1,000,000.
Disability Income Plan – Monthly mortgage repayment at application up to a maximum of $4,000 per month, subject to income restrictions and claim offsets.
Home Duties Category – restrictions apply.

Minimum premium

$300 per year per policy and includes the premium for all benefits, the policy fee, any premium frequency charge and stamp duty. Where the
person would otherwise be below the minimum premium, your Term Life and Permanent Disablement sum insured will be increased to meet the minimum premium.

Exclusions

Some exclusions apply, including: .

• Term Life benefit – death by suicide within 13 months of the benefit commencement date;
• Permanent Disablement benefit – disablement caused by intentional self-inflicted injury; and
• Disability Income benefit - disablement caused by intentional selfinflicted injury or due to service in the armed forces of any country, normal pregnancy, uncomplicated childbirth or miscarriage.

To find out more about Workforce Finance's Mortgage Protection, enquire online or call 1300 666 500 to speak with an experienced Workforce Finance consultant.