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Key policy features of our mortgage protection plan

Full details to help you understand if MPP is right for you are in the Product Disclosure Statement and Policy Document, but here’s an overview.

If you’ve thought about how you would maintain your home loan and protect your lifestyle during tough times, find out if the mortgage protection plan from Aussie is right for you and your family.

Eligibility

You’ll automatically be accepted for cover if you’re:

  • Aged 18 to 59 years
  • An Australian or New Zealand citizen or permanent resident
  • An applicant or borrower on a loan (or loan increase) taken in the last 12 months.

Product flexibility

  • You can adjust your cover to suit your budget
  • You can align your premium payments with your pay cycle or loan repayments.

Benefits

  • Death and Terminal Illness Benefit: This pays a benefit to you or your estate, based on the loan amount rounded to the next $10,000 (min. $50,000 and max, $750,000)
  • Living Benefit: This covers 11 serious medical conditions. Equal to 30% of the Death and Terminal Illness Benefit
  • Involuntary Unemployment Benefit#: This pays a maximum of three monthly benefits at the rate of 1% of the Death Benefit per month (max. $2,500 per month).

Exclusions

  • Suicide/self-inflicted within 13 months (Death & Terminal Illness)
  • Self-inflicted insured events (Living Benefit)
  • Any insured condition or unemployment existing at commencement (or in first three months for four insured conditions marked…^)
  • Insured events caused by certain prior conditions or adverse family medical history
  • Unemployment caused by certain events that effectively deem it 'voluntary'.