My Protection Plan

Mortgage Choice offers My Protection Plan through our insurance partner ALI Group. It is an optional life insurance policy - which provides you with a payment in the event of serious illness, specified injury or death.

A lot can happen over your lifetime

Certain events can occur, which are out of our control such as serious illness or injury and these events can put our lifestyles, homes and our future plans at risk. So, it goes without saying that it’s worth considering how you might protect your future financial security.

My Protection Plan is a potential solution Mortgage Choice brokers can offer which may help protect you and your family against the financial impact of some of life’s unexpected events. Here is a short video to help you learn more.

You can choose how and when you use those benefit funds – for instance, to help with living expenses, medical costs, or reduce large debts.

Just as important, My Protection Plan is flexible, doesn’t require any medicals and covers all types of employment.

With My Protection Plan, your policy provides three types of benefits:

  • A Trauma Benefit:

    which gives you a lump sum payment for one of 17 defined serious medical conditions.

  • A Death and Terminal Illness Benefit:

    that pays a lump sum to you, your nominated beneficiary or your estate. This benefit also includes a funeral advancement payment of $10,000 to help cover urgent expenses1.

  • And a Specified Injury Benefit:

    which pays a lump sum if you fracture a listed part of the body, helpful funds while you’re on the mend.

  • Terms and conditions apply:

    including qualifying periods for some conditions, and exclusions for pre-existing medical conditions. Please read the Product Disclosure Statement and Policy Document for full details.

How do I know if I’m eligible for a policy?

To be eligible for this policy, each life insured must:

  • have or be seeking to take out an eligible loan, or be the partner of someone who has applied for My Protection Plan
  • be an Australian or New Zealand citizen, or hold an Australian Permanent Residency Visa
  • be 18 to 59 years old
  • have more than $100,000 but no more than $1,000,000 in total Death and Terminal Illness Benefit across all My Protection Plan policies issued by Zurich at the time of the new application (including this policy)
  • have lived in Australia on a permanent basis for at least 6 months continuously during the past 12 months. Being away from Australia for work purposes or holidays does not count for determining if they have lived in Australia continuously.

The policy owner must receive a copy of the PDS in Australia.

How much does My Protection Plan cost?

You have the flexibility to choose and adjust the level of cover (within the policy limits) to suit your needs and affordability.

Example 1

Jenny is 32 and a non-smoker. She has a $400,000 Death & Terminal Illness Benefit, $120,000 Trauma Benefit and Specified Injury Benefit of $7,500. Jenny will pay $59.52 a month for cover (including $7 monthly policy fee).

Example 2

Matt is 29 and a non-smoker. He has a $280,000 Death & Terminal Illness Benefit, $84,000 Trauma Benefit and Specified Injury Benefit of $7,500. Matt will pay $51.18 a month for cover (including $7 monthly policy fee).

How do I get a quote?

You can get a quote and apply for My Protection Plan through select Mortgage Choice brokers.

Your local Mortgage Choice expert

or

1 Making a funeral advancement payment does not mean that we will accept your claim.

IMPORTANT INFORMATION: My Protection Plan is issued by Zurich Australia Limited ABN 92 000 010 195 AFSL 232510. It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSL 226403 (ALI) and marketed by AHL Investments Pty Ltd ABN 27 105 265 861 (Aussie) as an Authorised Representative AR 338358 of ALI. ALI’s AFS licence authorises the provision of general financial product advice only. This means that any advice provided to you by ALI and its representatives (including mortgage brokers appointed as its authorised representatives) in relation to My Protection Plan does not take into consideration your personal objectives, financial situation and needs, or any information held as a result of the provision of credit assistance by your mortgage broker relating to your home loan or other loans. Whilst the initial My Protection Plan quote you received was based on your loan amount, we are not recommending that this product nor any specific cover amount is personally suited to you and your circumstances. You should consider the combined Product Disclosure Statement and Policy Document (PDS) when deciding if this product is appropriate for you. You may also wish to review the Target Market Determination (TMD) which describes the objectives, financial situation and needs we have designed the product to meet. The PDS and TMD are available at aligroup.com.au. If you require advice specific to your circumstances, you should speak to a financial adviser. © ALI Group 2021