Personal loan protection

Essentials

Personal Loan protection is no longer sold. The information on this product is for existing Personal Loan protection policy holders. 

Having Personal Loan Protection to help cover your repayments means you’ll have one less thing to worry about:

  • Get your monthly repayments paid if you unexpectedly lose your job, for up to 180 days or until you return to work, whichever happens first
  • Get your monthly repayments paid while you’re sick or injured and can’t work
  • Have any balance owing paid off up to $100,000 if you pass away (so loved ones aren’t left with this debt)
  • You can claim even if entitled to benefits from another source, such as workers compensation, sick leave or Centrelink.

Of course, like all insurance, some exclusions, limits and conditions apply. For example, if you voluntarily resign or accept a voluntary redundancy you aren’t covered for job loss. Also, if you were not working at least 15 hours or more per week when you became unfit for work, you  will  not be covered.

Features

Personal Loan Protection will help pay your personal loan repayments if you:

  • Lose your job
  • Become unfit for work due to sickness, injury, or disease
  • Die, it will pay the balance owing on your personal loan up to $100,000. 

Other benefits

  • You don’t pay more because of your age, job, or health record
  • You can claim even if you are entitled to benefits from another source, such as workers compensation, sick leave or Centrelink.

How to claim

Lodging a claim is simple

Information needed when initially making a claim
 

Job loss claims
  • A completed Unemployment/Job Loss claim form
  • If you were employed by someone else - an employment separation certificate or a letter from your previous employer stating your period of employment, the reason your employment finished, and your employer’s name and contact details
  • If you were self-employed or in a business partnership - documentation which satisfies the insurer of your loss of employment.
Unfit for work claims
  • A completed Unfit for Work claim form, which your medical practitioner also needs to complete and sign.
  • Documentation confirming the number of hours you worked in the 28 days before you stopped working, for example, payslips, invoices, or a letter from your employer or the company you were working for at the time.
Death claims A certified copy of the original death certificate (a claim form isn't required).

What happens after you claim?

You'll be contacted within 10 working days to either:

  • Confirm if your claim has been accepted, or
  • Request additional information to help reach a decision on your claim.

Need claim help?

If you have any questions, or would like help completing the claim form, call 1300 369 989.
(8.45am - 5pm, Mon-Fri AEST/AEDT)

Things you should know

Unemployment Job Loss Claim Form (PDF 130KB)

Unfit For Work Claim Form (PDF 138KB)

Personal Loan Protection is issued by the insurers who are Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) (who issues the unfit for work cover and the job loss cover) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) (who issues the death cover). This insurance is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The Bank does not guarantee payments under the policy.

This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply. 

This information is general only and does not take into account your personal circumstances. Read the relevant Product Disclosure Statement, which can be obtained by calling 1300 369 989, to see if this insurance is right for you.