credit protection for your personal loan

Taking out a personal loan to buy that new car, taking a tropical holiday or even starting those long awaited renovations should make you happy, not add to your stress.

Credit Protection insurance from our partner St Andrew’s can help with your loan repayments if you’re unable to meet them due to unexpected events in life like involuntary unemployment, illness, accidental injury and death. It means that if you are faced with some of life’s unexpected problems, Credit Protection insurance can give you the comfort of knowing that your loan repayments can be met.

With Credit Protection insurance from our partner St Andrew’s, the good news is:

  • you’re covered 24/7, not just while you are working
  • after a 30 day excess period on all Accident & Sickness or Involuntary Unemployment claims, regular benefits will be paid until you return to work or the maximum benefit limits are reached
  • involuntary unemployment benefits are paid regardless of any other payouts from your employer.
  • Credit Protection is easy to arrange with payments made monthly by direct debit with no extra fees

Frequently Asked Questions

  • Can I be flexible with the Credit Protection cover I choose?

    Subject to eligibility, you can now choose from 6 cover options for Credit Protection for Mortgages and Personal Loans. The benefit options are:

    • Life; Accident & Sickness, and Involuntary Unemployment.
    • Life and Accident & Sickness
    • Life and Involuntary Unemployment
    • Accident & Sickness and Involuntary Unemployment
    • Accident & Sickness
    • Life

    Please note: Involuntary Unemployment cover is not available as a standalone option.

  • Are all employment types eligible for cover?

    If you are on a permanent, self employed, casual or fixed term contract and work at least 20 hours per week you can apply for cover. Please refer to the Product Disclosure Statement  for details.

Talk to us about protecting your loan

Credit Protection is issued by St Andrew’s Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 and St Andrew’s Life Insurance Pty Ltd ABN 98 105 176 243 AFSL 281731 (collectively referred to as St Andrew’s) and is distributed by Bankwest. The product is not a product of, nor guaranteed by Bankwest. Any advice provided is general only and is not based on any consideration of your objectives, financial situation or needs. To decide if the product is right for you and for full details of the terms, conditions, limits and exclusions that apply to Credit Protection, please read the Product Disclosure Statement (PDS). A PDS is available from your nearest Bankwest store. St Andrew’s is not an Authorised Deposit Taking Institution. Bankwest will receive a commission payment of up to 20% of the premium for arranging a policy sale. This is optional insurance and you are free to arrange similar cover with another insurer.

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© 2016 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.