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Loan Protection Insurance (LPI)


Many customers find car loan repayments difficult when they have had to take time off work due to illness or injury.

eric’s LPI can take care of your car repayments for each month that you are unable to work, due to an accident or illness. And we will keep paying them until you are fit to return to work or the loan is paid out.

Our LPI can also provide cover for Involuntary Unemployment.

Key Benefits

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Disability – Sickness & Accident

For each day you are totally and continuously unable to work due to disability, illness or injury, excluding the first 21 days, as certified by a Medical Practitioner, we will pay 1/30th of the monthly repayment selected up to $2,500 per month. In addition, there is no maximum benefit on disability claims during the period of insurance.

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Involuntary Unemployment

Assists in meeting your loan repayments should you become involuntarily unemployed, excluding the first 21 days, for up to a maximum of 150 days in respect of any claim during any one continuous period of involuntary unemployment.
We will pay 1/30th of the monthly repayment selected up to $2,500 and up to $10,000 for the
term of the policy.
May only be taken with Disability cover.

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Cover Limit

Cover is limited to the benefit limits shown above or your loan balance, whichever is the lesser.

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Joint Cover

Joint cover is available, regardless of who is affected, reducing the financial burdenfor whoever is still working.

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Cover Flexibility

Standalone Disability cover, or combined Disability and Involuntary Unemployment covers available.

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Quick and easy claims process

Claims paid regardless of any other payments you may receive, such as income protection, Work Cover, TAC, etc.

Eligibility

  • Eligible applicants must be:
    • In good health and aged 18 to 64 years.
    • A permanent resident of Australia for more than 2 years.
    • Working for at least 20 hours per week in either continuous permanent, part-time or casual employment.
    • If casual employment, you need to be with the same employer for at least 12 months.
    • Employed in non-seasonal, continual or steady positions.

Find Out More

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).

Ask your dealer or broker today!

LPI Insurance is only distributed by our Authorised Representatives. Ask your dealer or broker today if they are an eric Authorised Representative.

 

Loan Protection Insurance (LPI) 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.