Loan Protection Insurance
The Swann Loan Protection Insurance policy provides benefits for illness, injury, involuntary unemployment and death. Unfortunately these are events that can occur swiftly and without warning. We understand that when something like this happens the last thing you’ll want to worry about is how you or your family will make the next loan payment. Our experienced team are here to help you and ensure the timely resolution of your claim.
Our Auto Equity Shortfall Insurance policy has been designed for people who have a financed vehicle. The benefits are specifically designed to cover any shortfall between the amount you receive from your motor vehicle insurer if your car is a total loss and the amount owing on your finance agreement. As with all our policies we’re committed to making the claim process easy and stress free.
These policies are sold through our finance and automotive partners when you take out your loan.
If you have questions about either of these policies, take a look at the frequently asked questions, or call us on 0800 807 926.
Consumer Loan Protection Insurance - Cover Summary
(for full policy details refer to the Consumer Loan Protection policy wording.)
The following is a brief summary of the benefits available under the policy.
Disablement: - Pays your monthly loan instalment.
(Accident/ - Cover up to the expiry date of the policy, or the date on
Sickness) which loan obligation is fulfilled.
Involuntary
Unemployment: - Pays your monthly loan instalment.
- Cover for up to 90 days or a maximum of $3,000.
CashAssist: - Pays the loan balance outstanding as at the date the trauma
is diagnosed.
- Cover for the specific events of heart attack, coronary artery
bypass, stroke or cancer.
Death: - Pays the loan balance up to a maximum $50,000.
Money Back Guarantee
If you change your mind about the policy within the first 30 days, and you haven’t made a claim we will provide you with a full refund of the premium paid.
Disablement (Accident/Sickness) Benefit
Where Disablement continues for more than 14 consecutive days, we will pay 1/30 of the monthly benefit for each day that you are unable to perform your usual work duties.
Excludes pre-existing conditions that have been present in the 6 months preceding the commencement date of the policy.
Involuntary Unemployment Benefit
In the event that you are involuntarily terminated from full time permanent employment we will pay 1/30 of the monthly benefit for up to 90 days subject to a maximum of $3,000 for any one claim.
To qualify for this benefit you must have been in continuous employment for at least 14 days prior to any period of Involuntary Unemployment.
CashAssist Benefit
In the unfortunate event that you suffer one of the above four traumas we will pay the outstanding amount of your loan as at the date of diagnosis or a maximum of $50,000.
The CashAssist benefit does not cover any Trauma that occurs within the first 90 days of the commencement of the policy.
Death
In the event of your death we will pay the lesser of: (1) the amount sufficient to pay out the Loan Obligation Outstanding Balance at the date of death (less any Monthly Repayments overdue for more than two months); or (2) the Amount Financed or (3) $50,000.
Excludes pre-existing conditions that have been present in the 6 months preceding the commencement date of the policy.
Auto Equity Shortfall Insurance - Cover Summary
(for full policy details refer to the Auto Equity Shortfall Insurance policy wording.)
The following is a brief summary of the benefits available under the policy.
What we will pay
We will pay: (1) any shortfall amount owing to the financier up to $10,000 (including GST) and (2) $1,000 (including GST) for out of pocket expenses - directly to you.
What is a shortfall?
A shortfall occurs when the amount to pay off a vehicle loan is greater than the amount paid by your motor vehicle insurer following the total loss of your vehicle.
For example, if the pay-off amount on your finance contract is $15,000 and the settlement from your motor insurer is $10,000, there is a $5,000 shortfall.
Money Back Guarantee
If you change your mind about the policy within the first 14 days, and you haven’t made a claim we will provide you with a full refund of the premium paid.