Buying a property is one of the most rewarding and empowering experiences anyone can have. But what would happen if you couldn’t make your repayments because you had a serious illness, were disabled or, worst of all, were to die?
While many people wouldn’t think twice about taking out some level of home and contents insurance, very few are protecting their ability to keep their home, by purchasing loan protection insurance.
The statistics tell a sobering tale.
AG. Nielsen, Trends and Insights, 2006;
ASIC, Getting Home Insurance Right, 2005;
IFSA, A Nation Exposed, Closing the Protection Gap, 2005.
PLAN Loan Protect is a new product designed to secure your financial future should the unexpected occur and is so easy to purchase. Here’s how
1 in 2 men and 1 in 3 women will be diagnosed with cancer before the age of 85.
An estimated 115,000 new cases of cancer will be diagnosed in Australia in 2010.
Cancer is a leading cause of death in Australia – more than 43,000 people are expected to die from cancer in 2010.
Cardiovascular disease kills one Australian nearly every 11 minutes.
Cardiovascular disease affects more than 3.4 million Australians.
Cardiovascular disease prevents 1.4 million people from living a full life because of disability caused by the disease.
If you have a loan, you may at some time need loan protection…
The average Australian family borrows $257,000 for a new mortgage which needs approximately 18% of gross household income to meet the repayments.
You may not have enough life insurance.
For 90% of Australians in the 20-50 age group, the only life insurance they have is via their superannuation fund.
The average insurance amount payable from superannuation is approximately $70,000 i.e. not enough to cover the average mortgage.
Still not convinced?
60% of Australian families with dependents would run out of money within 12 months if the main income earner dies.
Australian Institute of Health and Welfare &Australasian Association of Cancer Registries. 2008, Cancer in Australia, an overview, 2008. Cancer series no 46 Cat. No. CAN 42. Canberra: AIHW
Australian Institute of Health and Welfare (AIHW) 2004.Heart, stroke and vascular diseases – Australian facts 2004.AIHW Cat. No. CVD27.Canberra: AIHW and National Heart Foundation of Australia (Cardiovascular Disease Series No. 22).
ABS – ABS Year Book Australia, 2009-10
66% of us have home building insurance.
IFSA, Cost of Underinsurance Project – Analysis of Life Insurance Needs, 2005.
Rice Walker Actuaries, Analysis of Insurance Needs, May 2005.
TNS Research, Investigating the Issue of Uderinsurance in Australia, August 2005.
In the event of your premature death, terminal illness, trauma or TPD:
Would you like to have access to enough funds to meet your loan commitments?
Do you want your loved ones to be able to remain in the family home?
Would you savings run out if you had to be off work for an extended time?
If you’ve answered yes to any of the above questions you may be financially exposed.
That is why it’s so important to take advantage of Loan Protection Insurance. There has never been a better time to get protected. Don’t delay – ask us to discuss the full product with you now. The PDS is available for download from this website.
Please read product disclosure statement here (PDF) for full details relating to this product.