Loan Protection Insurance

Jade Finance provides advice, assistance and support to our customers across a range of insurance issues and our consultants are often asked about loan protection insurance.

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As with all financial decisions, you should investigate loan protection insurance carefully to ensure you understand all the details and can make a fully-informed decision.

For more information on loan protection insurance, speak with a Jade Finance Consultant. Call 1300 000 008.

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Explainer

We provide this general explanation in regard to loan protection insurance and invite you to direct specific questions to your Jade Finance consultant.

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Loan protection insurance is a type of insurance policy which specifically covers your repayments on a specific loan should you be unable to make the payments due to clearly specified circumstances such as injury, illness, unemployment or death.

Many insurers offer this type of policy to provide policyholders with peace of mind and financial support in times of greatest need. Essentially, if you depend on your income to make your loan payments and you are unable to work and earn an income, the policy should be structured to cover your loan repayments.

Loan protection insurance is different from the security held by the lender over your loan. When you purchase a car, bike, caravan, boat, equipment or other asset, the lender will use the asset as collateral against the loan. If you default on your repayments, the lender has the right to repossess the asset to recoup what is owed to them.

Loan protection differs from income protection insurance as your loan protection insurance is specific to a specific loan. It is not designed to replace/reimburse you for your income but specifically to make the loan repayments for you. Income protection insurance is a policy to cover you for your income or a set amount of your income, should be unable to work. The money is paid directly to you for your purposes.

If you need to utilise your loan protection insurance, the insurer makes payments directly to the lender, not to you.

Premiums are individually calculated based on your personal circumstances and the type of loan. If you work part-time, on a casual basis or are self-employed, loan protection insurance policies may be problematic.

Premiums are paid monthly for the agreed insurance term.

Loan protection insurance is not required by law and not required by most lenders when you arrange finance or loans through Jade Finance. Your consultant can clarify this issue in regard to your individual loan application.

By definition and purpose, all insurance policies are risk-related. Deciding whether or not loan protection insurance is right for you is a personal decision which individuals should make in consultation with their advisors and by weighing up all factors.

Some more comprehensive policy types with a broader scope, such as income protection insurance, may offer better value and broader coverage than loan protection insurance for your purposes.

How we have helped Australians like you

Jaz W

10 July 2023

Huge shout out to Scott Clapham! From start to finish, you can't fault him. He is quick, thorough and explains everything properly. The ease of the process was fantastic and I never had a chance to follow up on how anything was going because Scott would call me first with any updates. Got my loan across the line with speed and ease and a much better rate than I was offered anywhere else. Thank you very much for all your help, we will be picking up our camper trailer in the next few days!

Shelley M

29 June 2023

Daine was prompt and professional and made the process seamless and uncomplicated. I would highly recommend Daine, Richard and the Team at Jade Finance for any of your Personal finance needs. Sincerest thanks from our family.

Chargedauto1

11 June 2023

Josh was great to deal with, understood what I wanted and my particular situation. Found a suitable deal which met my requirements very quickly. Great communication.

peter van echtelt

4 June 2023

thanks Josh for making my boat loan a great experience i appreciate the hard work and the updates and the help you gave me no matter the questions I had ,definitely be calling you guys when i need to take out another loan

E A

29 April 2023

Very Happy with Ezra, Swift and honest, will use again in the future

Ben Wood

22 April 2023

Exceptional service, Graham Scott was really Easy and friendly, and really does try to find the best for you

Office Teddy & CO FUNLAND!!!

22 April 2023

Matt offered us a great service for 3 of our company’s vehicles. And we will go back for the 4th Highly recommended

Micayla Norris

19 April 2023

Josh and Jay helped me for finance for my new car. I had never purchased a brand-new car before so wasn't quite sure of the process. It was unbelievably quick and easy - had an approval as soon as I supplied the few documents required. Josh was extra helpful - happy to always give me a quick ring if I had any questions. Super pleased with the experience and will definitely be coming back for our next car :) Thanks again guys.

David

13 April 2023

This is the second time I have used Jade finance to per cure a loan & they have very easy to deal with, Chris Fahy is an excellent person too deal with, I will use again if needed. 😀

N R

22 March 2023

Matt was great to deal with and provided excellent customer service to us through the whole process. We would highly recommend Jade Finance and will definitely be a returning customer. Thank you guys.

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