Cancel loan protection insurance

But if you become sick or injured and can’t work or suddenly lose your job, that debt could quickly get out of control.

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.

  • Simply add the insurance when applying for a Westpac Personal Loan
  • No medical examination required to apply 1
  • You don’t pay more because of age, job, or health record.

1. Please note: An exclusion applies for sickness, injury or disease occurring within 180 days of the commencement date for which you sought or obtained medical advice or treatment during the 180 days prior to the commencement date.

Personal Loan Protection is optional and is available when you apply for our personal loans

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.
  • 25% discount for two joint borrowers
  • No medical examination required when applying
  • 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.
  • 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.
  • 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.

A certified copy of the original death certificate (a claim form isn't required).

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.

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

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