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Mortgage Protection Insurance
Who is eligible to apply for cover?
Generally, cover is available to anyone aged 18-59 who has applied for a loan in the last 12 months. Some restrictions apply to existing mortgage protection policy holders.
Will I have to undergo a medical?
No,one of the many advantages of obtaining cover through ALI Group is that it is easy and unobtrusive, so you will not need to undergo medicals, blood tests or answer detailed health questions.
What happens if I have an existing medical condition?
Your cover may be subject to some exclusions depending upon your medical history. The exclusions and how they apply are set out in full in the Product Disclosure Statement.
Who is the cover issued by?
Cover provided by Loan Protection Plan and Loan Repayment Protection is issued by MetLife Insurance Limited and ACE Insurance Ltd, two leading insurance companies.
Who is responsible for paying a claim?
The insurer who provides the cover under your policy is responsible for paying your claim. The ALI Group claims manager facilitates the claims process for you and works with the insurer to ensure a speedy claim outcome.
How do I make a claim?
Call the insurer if you need to make or discuss a claim.
When will my cover commence?
Your loan consultant will help you complete your application and will then submit it on your behalf. Cover will only begin once we tell you that your application has been accepted. Upon acceptance we will provide you with the standard policy conditions and a policy schedule that set out the details specific to your cover. This establishes the terms and conditions of your cover.
When will my premiums commence?
Monthly premiums commence at the beginning of the second month of cover.
What are my payment options?
At the time of application you will be asked to provide an authority for credit card or direct debit payments.
Can I cancel the policy?
Yes. All you have to do is provide a request to cancel your policy in writing.
Can the insurer cancel the policy at any time?
Generally no. Once your policy has been accepted, Loan Protection Plan is made available each year to age 99 (for death and terminal illness benefits) and age 65 (for living benefit). The crisis benefit under Loan Repayment Protection is made available to age 65. However, in some circumstances the insurer can cancel the cover, for example if you fail to pay your premiums or the benefits due have already been paid.
Can I change my cover amount?
Yes. You can request us to vary any of your benefit amounts at any time, although the insurer will need to agree to the change if you request an increase.
If I pay out my loan, can I keep my policy in force?
Yes. Cover operates independently to your loan and the benefits are paid to you and not the lender.
Who owns the cover?
Where one person is covered, that person is the owner. The owner of the policy is responsible for paying the premiums and is entitled to the proceeds of any claim. If two people are covered the cover will operate separately but both applicants will jointly own the protection.
Who will be the beneficiaries?
For a single life policy the benefit will be paid directly to the policy owner or their estate. For a joint life policy, the benefit payments are made to the policy owners jointly or to the surviving policy owner in the case of the Death Benefit.
Can I remove one person from a joint policy?
Yes. You may cancel the insurance on either person at anytime. You may also change the ownership of either insurance. In each case we require an instruction signed by both parties to make the change.
I'm a smoker now, will my premium change if I stop smoking?
Yes. Your premium can be changed to the non smoker rate if you stop smoking for 12 consecutive months. You will need to make a declaration that you have not smoked any substance during this period.
