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Loan Protection

Consumer Credit Insurance specifically for Personal Loans.

Loan Protection

Loan Protection Insurance

Repaying a loan is a significant medium or long-term commitment, one you will have budgeted for.

What you may not be so prepared for are the unforeseen events such as accidents, illness, or involuntary unemployment. Covering any loss of income and additional expenses they cause would be bad enough, without worrying about the burden of loan repayments as well.

Loan Protection Insurance (LPI) is a Consumer Credit Insurance specifically for Personal Loans. Loan Protection Insurance is designed to meet your loan repayments in the event of disability or involuntary unemployment. It will also pay you the amount selected if a trauma event happens to you or pay the outstanding balance* of the loan in the event of your death.

As well as having the peace of mind that Loan Protection Insurance provides, it also means you will benefit from discount on the personal loan interest rate. 

Click here to view current loan interest rates.

With WAW, you can arrange both your loan and loan insurance at the same time, giving you one less thing to worry about. Your insurance premium can be included in your loan repayments or, you can pay up front, whatever suits you best.

A Choice Of Cover Options
Life (Loan Protection) In the event of your death, the outstanding balance of your loan will be paid in full. Cover available up to a maximum of $250,000
Trauma You arcan be covered up to $10,000 in the event of major diagnosed diseases and conditions, including chronic kidney failure, heart attack, coronary artery surgery, stroke, major organ transplant and cancer.

It’s not a loan repayment, but an additional benefit proportionate to the amount of cover you select.
 You may elect to increase this cover to a maximum of $50,000.
Disability you become unable to work due to illness or injury, this ensures your monthly loan repayments will be met.  
Involuntary Unemployment Should you involuntarily lose your job, this cover provides loan repayments for up to 120 days.


Download the Loan Protection Product Disclosure Statement here.

Easy to arrange, simple to claim

The convenience of having Loan Protection Insurance under the same roof as your financial services isn’t the only way we make life easier.

From making your application to making a claim, WAW ensures things are as straight forward as possible.

You can apply online, by phone on 1300 368 555, or at any WAW Service Centre. Flexible payment options include fortnightly, monthly or annual direct debit or credit card payments (excluding Diners Club).

If you do need to make a claim, we won’t make you wade through paperwork. QBE have a 24-hour emergency claims number, and in most cases, you need just provide details over the phone.

WAW may receive commission on the sale of this product, please refer to our Financial Services Guide for more details.


Important Information

*Terms, conditions and acceptance criteria apply. Cover limits and waiting periods apply as set out in the policy wording. This material does not take into account your personal needs, objectives and financial circumstances and you should consider whether it is appropriate for you. Please read the product disclosure statement available at all WAW Customer Service Centres to decide if a product is right for you. Other types of Disability Insurance and/or Income Protection Insurance policies may not automatically qualify you for a Protected Personal Loan.

Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545 for Disability and Involuntary Unemployment and Integrity Life Australia Limited ABN 83 089 981 073 AFSL 245492 for Life and Trauma