Mortgage Protection

Have you taken out a mortgage recently?  You can now get a life insurance policy that will protect you against death, disablement and involuntary unemployment at great rates. You will also receive a discount of one month’s premium in the first year.

To speak with one of our experienced staff call 1300 76 35 99 or get a quote here.

It can take as little as 10 minutes to complete the application and with NO medicals.  Yes NO MEDICALS.  This means that you can have your policy issued within 24 hours so you and your family will be protected.

All you need to do is download and complete the MLC EasyCover application at the end of the Product Disclosure Statement, and fax, email or post it back to Complete Cover.  it's as easy as that!

In order to determine the appropriateness of the Mortgage Protection policy to your situation, you will need to speak with one of our representatives.

What cover is provided?

If you have settled (or are about to settle) on a residential property with a mortgage in the last 60 days you are eligible for a Mortgage Protection insurance policy underwritten by MLC.  The Mortgage Protection policy provides you with peace of mind by paying the entire amount of your loan (maximum $400,000).  If you are disabled or become unemployed involuntarily, then you will receive a monthly benefit amount based on the size of your loan.

How much cover do you get?

The Mortgage Protection policy covers the value of the mortgage up to a maximum of $400,000 called the benefit amount.  The benefit amount is also dependant upon your age. The table below details the level of cover you may obtain under the policy.

Where there are two lives insured under a policy, then the age of the older life (next birthday) at the commencement date is applied to assess the maximum amount of cover.

What are the disability payments?

If you are disabled, the policy will pay you 1% of the benefit amount on a monthly basis after a 30 day waiting period from the commencement of your disablement.  The benefit will be paid after a 30 day waiting period.

These payments may be paid to you in addition to any other Worker’s Compensation payments or income protection policies.  However, you will not be entitled to receive more than 100% of your average monthly income in the last 12 months.

Are there any restrictions?

Yes, there are a number of exclusions in the policy. Details of the exclusions are on page 9 and16 of the Product Disclosure Statement.  A copy is available here.

As there is no medical underwriting required, the policy does not cover any pre-existing medical conditions for which you have experienced symptoms or received medical treatment prior to the issuing of the policy, unless you were not aware of and could not be reasonably expected to have been aware of the condition. 

You should read a copy of the Mortgage Protection Product Disclosure Statement dated 28 April 2006 before making any decision to purchase this product.

How much will it cost?

The cost will vary on your age and the level of your mortgage and could be as little as $70 per month* (that’s less than a cup of coffee a day.)

Follow the link to obtain an accurate quote for Mortgage Protection.

* Based on a $300,000 loan, 30 year old, male, non smoker on a 46.5% tax scale. Deductibility of the premium will depend on your taxation position.

Down load a copy of the MLC Easy Cover Product Disclosure Statement and application here