Protect yourself against financial stress
There’s nothing more important in your own life than you.
Loan repayments are difficult if you have to take time off work. If that’s due to illness or injury, unemployment as a result of redundancy, retrenchment, or your employer ceasing to operate, eric’s Financial Repayment Insurance (FRI) can help you cover the loan repayments to your financier, making sure that your payments are sorted and you can focus on getting yourself back on your feet!
Take the worry out of your loan repayments and concentrate on your road to recovery.
For each day you are continuously unable to work due to disability, illness or injury, excluding the first 21 days (excess period), as certified by a medical practitioner, we will pay 1/30th of the monthly repayment for every day you are unable to work.
If you are still unable to work past the 6 monthly repayment period, provided you have certification by a medical practitioner, you may make a further claim on that same covered medical event for a further 6 monthly repayment or until you are able to return to work.
We do not cover any pre-existing medical conditions. Please read the PDS for a full list of terms and exclusions to get a better understanding of what you may be covered for.
Losing your job is hard for anyone, so let us take some of your financial burden out of the equation by helping repay your loan for up to 6 months.
If you become unemployed as a result of being made redundant, retrenched, or your employer ceasing to operate, we can help you with your loan repayments, excluding the first 21 days (excess period). We will pay 1/30th of the monthly repayment for up to 6 monthly repayments.
Pregnancy is beautiful but it can also be stressful at times without having the added worry about the potential financial burdens should you experience a complication as a result of your pregnancy preventing your return to work.
If you experience complications as a result of your pregnancy prior to your maternity leave or complications that extend past your maternity leave which prevents your ability to return to work, where certified by a medical practitioner and your employer, we can help relieve some of your financial stress by helping you with your monthly loan repayments. We will pay 1/30th of the monthly repayment for every day you are unable to work up to a 6 month period or until you are able to return to work.
The maximum period of insurance is up to 84 months.
There are no claims limits! What this means is that you can claim for covered events as many times as needed for the life of the policy.
We accept loan or finance contract types as long as the loan is with a registered Australian finance provider, and you have a regular required monthly repayment to this financial provider. For example: a financed car loan, motorcycle loan, house loan, or personal loan.
What you need to get started
Are you eligible for Financial Repayment Insurance with eric? There’s certain information that we require and some rules that apply:
Eligible applicants must be working on a continuous basis for reward for a minimum of 20 hours each week either in a full time or permanent part time employment or casual employment provided you have been in continual employment for at least 12 months with the same employer.
You must not be employed in a seasonal or intermittent position and you must not have received notice, or been advised of notice, of termination from an employer.
Should you be self-employed, your business is required to be established and registered for 12 months prior to policy inception.
Want specialist cover?
We don’t expect a standard policy to suit everyone, which is why we offer extra cover for your vehicle with our specialist products. Choose the options that match how you drive.
Explore policies with 12, 24 or 36-month terms and coverage to suit you and your used vehicle.
Tyre and Wheel Cover
Get cover for motor vehicle tyre punctures and wheel damage not caused by an accident.
What our customers say
Yes, please! You must contact us and let us know of any change of circumstances particularly if:
- there is a change in your personal details (e.g. contact details or residential address),
- there is a change to your employment status or circumstances,
- there are changes to the finance contract or loan (e.g. terminated, varied, paid out, or in breach)
Yes, there is a minimum loan term of 12 months. That means that you still need to have at least 12 months minimum left on your loan to be eligible for this product.
While there might be two names under your loan, we only cover one person under a Financial Repayment Insurance policy. However, if the second loan holder wishes to also be covered for that shared loan, they can apply for their own Financial Repayment Insurance policy.
When it comes to claim time, if both people under the loan have Financial Repayment Insurance, and both suffer from a covered event at the same time, you both may claim separately under your own insurance policies even though it’s a shared loan.
Please use a transactions account for any direct debit payments as we are unable to take payments from a savings account.
If you originally set up your policy with a savings account, you can change this by contacting our Customer Service team on 1800 999 977 or through our online form here.
Don’t forget to make sure you have enough money in your account so that your payment is successful!
The information on this page is a summary only. For full terms, conditions, exclusions and key factors that influence the cost, please refer to the Product Disclosure Statement (PDS).
Financial Repayment Insurance (FRI) is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (eric). This website may contain general financial product advice that does not take into account your personal financial circumstance.