Why choose Loan Protection insurance?

Personal loans are a very popular and convenient way to obtain your lifestyle objectives, but life doesn’t always go to plan. 

Loan Protection, issued by St Andrew’s Insurance and St Andrew's Life Insurance, helps you stay on top of your loan repayments in the event of the unfortunate and unforeseen.

Depending on the cover options selected, it may provide cover for loss of life, illness, accidental injury and involuntary unemployment.

Don’t let a setback put your lifestyle at risk.

Loan protection is optional and can be purchased at the time you apply for your personal loan.

Build a policy in 2 easy steps 

1. Choose from one of six possible cover combinations:

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

2. Select how you would like to pay your premium:

  • Monthly direct debit
  • Financed into your loan.

Features and benefits

  • Automatic acceptance, no Underwriting Questionnaire required up to $750,000
  • Ability to finance total premium into the loan or pay monthly by direct debit
  • Single cover or cover for joint borrowers available
  • Benefits paid irrespective of other employee entitlements or other insurance company payouts such as income protection
  • Terminal illness cover - Ability to access an advance Life Cover Benefit payment if diagnosed with a terminal illness with expectancy of 12 months or less.

Calculating your insurance premiums

Insurance premiums are calculated on:

  • The cover type you have chosen i.e. Life cover and/or Accident & Sickness cover and/or Involuntary Unemployment Cover
  • The amount of your loan
  • The Insurance Term
  • Your payment type, depending on whether you choose to pay by monthly direct debit or an upfront, single premium
  • Stamp duty and GST.

Details of your cover

Life Cover can help provide you and your family with peace of mind knowing that your loan may be paid if you die or are diagnosed with a terminal illness.

  • Lump sum benefit to pay your loan in full if you die or are diagnosed with a terminal illness
  • Cover for loan balance up to a maximum of $1.5m
  • Temporary interim life cover if you should die during the period between applying for loan protection and the date your loan settles*.

Accident & Sickness Cover helps you to concentrate on getting back on your feet if you are off work due to accidental injury or sickness.

  • If you become unfit for work for a continuous period of 30 days or more, we may pay your monthly loan repayments after the first 30 days for up to 36 months
  • A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all accident & sickness claims with St Andrew’s.

Involuntary Unemployment Cover helps protect your financial obligations while you focus on getting back to work.

  • If you become involuntarily unemployed for a continuous period of 30 days or more, we may pay your monthly loan repayments after the first 30 days for up to 6 months for any one claim
  • A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all involuntary unemployment claims with St Andrew’s.


You, as the borrower on the Loan, and any additional borrowers, are eligible for cover if you:

  • Are aged 18 years and over and under 61 years of age when you apply for cover and you are an Australian Resident
  • For Accident & Sickness and Involuntary Unemployment Cover, you also need to be employed as a permanent, Self-employed, casual or fixed-term worker, and working for at least 20 hours per week
  • If the total amount you insure is more than $750,000, you will also be required to complete an additional Underwriting Questionnaire. This Questionnaire will ask for details of your medical history, occupation and other relevant information.

Qualifying periods, exclusions and limitations apply. Please refer to the Product Disclosure Statement to see if this product is right for you.

Ready to apply?

Want to know more?

Refer to the Product Disclosure Statement for more detailed information.

How to apply

How to make a claim

It's a simple two-step process to lodge a claim:

Call St Andrew’s on 1300 653 751 or contact your local BOQ branch

Important:  If you wish to claim on this Policy you will need to call St Andrew’s as soon as possible. They will log your call and send you a claim form to complete and return.

Complete the claim form and return to St Andrew’s at:

  • St Andrew’s Australia
    PO Box 7395 Cloisters Square WA 6850
  • Or Email: claims@standrews.com.au
  • Or Facsimile 1300 720 722

After receiving your claim, St Andrew’s will then contact you to take you through the next steps in the claims process as relevant to your claim.