Why choose Mortgage Protection Insurance?

Mortgage Protection, issued by St Andrew’s Insurance, helps cover your home loan repayments or loan obligations (Line of Credit) in the event of the unfortunate and unforeseen.

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

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

Mortgage Protection is optional and can be purchased at any time. An application is available from your lender. Note: Additional qualifying periods apply for Involuntary Unemployment cover if cover commences more than 60 days after the credit facility is funded.

Build a policy in 3 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. Choose to cover a percentage of your credit limit or monthly repayment amount: 
  • 100%
  • 75%
  • 50%
3. 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/Line of Credit facility 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
  • Age based premiums - Premiums are based on age at the time of application and then remain fixed for the duration of the policy
  • Terminal illness cover - Ability to access an advance Life benefit if diagnosed with a terminal illness with less than 12 months to live

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 or credit limit
  • The percentage of cover option selected i.e. 100%, 75% or 50%
  • Your age at policy commencement
  • 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 will be paid if you die or are diagnosed with a terminal illness. 

  • Lump sum benefit to pay your home loan in full if you die or are diagnosed with a terminal illness.
  • Cover for Credit Limit up to a maximum of $1.5m.
  • Any life cover benefit in excess of the outstanding loan balance will be paid to your estate.  Any excess terminal illness benefit will be paid to you.
  • Temporary Interim life cover if you should die during the period between applying for mortgage 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, you will be paid monthly benefits after the first 30 days for up to 36 months.
  • The monthly benefit you receive for any claim will be your monthly repayment multiplied by your chosen percentage of cover.
  • 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.
  • Cover begins upon the settlement date of the loan/activation of the Line of Credit facility or the date the application is accepted by St Andrew’s, whichever is the later.

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, you will be paid monthly benefits after the first 30 days for up to 6 months for any one claim. 
  • The monthly benefit you receive for any claim will be your monthly repayment multiplied by your chosen percentage of cover.
  • 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.
  • Cover begins upon the settlement date of the loan/activation of the Line of Credit facility or the date the application is accepted by St Andrew’s whichever is the later.

Eligibility

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 must 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 on all cover levels. 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.