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Personal Credit Protect

BankSA Personal Credit Protect offers cover for you if something unexpected happens, meaning your loan repayments can still be taken care of
Helps cover your personal loan repayments when you can't
  • Helps meet your repayments if you unexpectedly lose your job, of if you can’t work because of sickness, injury or disease
  • It also helps pay the outstanding balance owing on the personal loan up to $50,000 if you pass away
  • The premium is included as part of the amount borrowed under your Personal Loan
Like all insurance, terms and conditions, and limitations and exclusions apply. Read the PDS for full details of cover.
 

Personal Credit Protect

  • Personal Credit Protect reduces the chance of you defaulting on your personal loan repayments should something unexpected happen to you
  • Any benefits from another source, such as workers compensation, sick leave or Centrelink, will not be impacted if you make a claim.

Sickness, injury or disease

Helps meet your personal loan repayments if you become unfit for work due to sickness, injury or disease.

Involuntary Unemployment

Helps you meet your personal loan repayments if you lose your job unexpectedly (Involuntary Unemployment).

Death

If you die, we will pay the balance owing on your Personal Loan as at the date of your death, up to $50,000.

Joint borrowers

If you and another person are joint borrowers on your personal loan, either or both of you may apply for this protection. Discounts apply for a second borrower.

Easy to apply

Easy application process with minimal paperwork when you apply for a new BankSA personal loan or refinance your existing loan at any one of our branches or over the telephone

One-off premium

Premium is charged once only and added to the loan amount you borrow.

Claim benefits paid direct to your loan

Benefits are paid directly to your personal loan in the event of a claim.

Need more detail?

It’s important to understand what you are and aren’t covered for. For the Personal Credit Protect policy details, check the Product Disclosure Statement

It makes sense to protect your personal loan repayment

If you’re applying for a personal loan from a BankSA branch or over the telephone, consider how you would meet your loan repayments if something unexpected were to happen to you. Personal Credit Protect can help you meet your personal loan repayments if should you become sick, have an accident, lose your job, or pass away.

BankSA Personal Credit Protect cover includes:

  • Sickness, injury or disease – if you’re unable to work due to sickness, injury or disease, we’ll contribute to your regular loan repayments until you are fit for work, or until the amount owing at the time you became unfit for work has been paid, whichever occurs first
  • Involuntary Unemployment – we will contribute up to the original personal loan monthly repayment amount for up to 180 days or until you return to permanent and gainful employment, whichever occurs first
  • Death – helping ensure your family is not burdened with meeting loan repayments if you die, we will pay the balance owing on your Personal Loan as at the date of your death, up to $50,000.

Other benefits

  • No medical examination required when applying
  • One off premium becomes part of your personal loan
  • Claim payments are made directly to your personal loan
  • Joint borrowers can either or both apply for this protection
  • Any benefits from another source, such as workers compensation, sick leave or Centrelink will not be impacted if you make a claim.

What’s not covered

It’s important to understand all of the exclusions under your policy if you do need to make a claim. For a list of all exclusions, please refer to the PDS for full details. Here are some exclusions that apply to your policy:

  • In the first 6 months of this policy, you will not be able to claim for any condition you have obtained medical advice for in the 6 months before the policy commences
  • You won’t be covered if you resign or take voluntary redundancy.

Need more detail

Read the BankSA Personal Credit Protect Product Disclosure Statement to make sure the personal loan protection meets your needs.

How personal loan protection could benefit you

BankSA Personal Credit Protect means you have less to worry about in being able to meet your personal loan repayments. You and your family can focus on recovering should the unexpected happen knowing we’re here to support you.

Personal Credit Protect is easy to put in place when you apply for your new personal loan or refinance your existing personal loan, at one of our branches or over the telephone, and the one off premium is simply added to your loan amount. Once you have set it up, there is no more for you to do and you can relax knowing you’re covered.

In the event of a claim, any amounts are paid directly to your loan. Here’s an example of how this could work for you.

Insured event

Example

Death

If you die, we will pay the balance owing on your Personal Loan as at the date of your death, up to $50,000.

Sickness, injury or disease

If you become unfit for work due to sickness, injury or disease, we will contribute up to the original Personal Loan monthly repayment amount each month until you are fit for work, or until the amount owing at the time you became unfit for work has been paid, whichever occurs first.

Involuntary Unemployment

If you lose your job through Involuntary Unemployment, we will contribute up to the original Personal Loan monthly repayment amount for up to 180 days or until you return to permanent and gainful employment, whichever occurs first.

Need more detail?

Download and read the Personal Credit Protect Product Disclosure Statement to make sure the personal loan protection meets your needs. 

How to claim

Swann Insurance manages all Personal Credit Protect claims. To obtain a claim form:

Call 1300 657 382, Monday to Friday 9.00am – 5.00pm (Sydney time), or visit your nearest BankSA branch.

It’s important to lodge your claim as soon as possible to avoid defaulting on your Personal Loan. Until your claim is accepted, it’s still your responsibility to meet your repayment obligations.

Swann Insurance will send you a claim form which you should fully complete and return, within 14 days of receipt, together with any other additional information which may be required to support your claim.

All claim forms are to be mailed to:

      Swann Insurance (Aust) Pty Ltd
      PO Box 14459
      Melbourne VIC 8001

What happens when you claim

Swann Insurance will get back to you within 10 days to either:

  • Confirm whether your claim has been successful and provided payment details, or
  • Request additional information to help us reach a decision on your claim.

Need assistance

If you have any questions, or would like assistance completing the claim form, please call Swann Insurance on 1300 657 382, Monday to Friday, 9.00am - 5.00pm (Sydney time).

Important information

This information is current as at 11 July 2015. BankSA Personal Credit Protect, Get Set Protect and Credit Card Protect are issued by Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 (who issues the Involuntary Unemployment cover and the Disablement cover) and St.George Life Limited ABN 88 076 763 936 (who issues the Death cover).  BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. St.George Life Limited is a subsidiary of the Bank. This information is general only and does not take into account your personal circumstances.  Read the relevant Product Disclosure Statement, available at BankSA Personal Credit ProtectBankSA Get Set Protect and BankSA Credit Card Protect, to see if this insurance is right for you.

(c) BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 ACL 233714.