1Loan offers payment protection in the form of a Repayment Waiver for peace of mind in case the unexpected happened. A Repayment Waiver is optional for those with Income Protection Insurance, and required for those without it. 1Loan offers a Comprehensive Repayment waiver or a Death Only Repayment waiver, depending on your circumstances.
Total disablement - An accident causing total physical disablement. Amount payable - Any instalments instalments excluding arrears calculated on a daily basis provided that the company shall not be liable for the first 7 days of such disablement.
Serious illness - Any illness unless specifically excluded which causes total disablement of the purchaser from attending to employment provided the illness does not become manifest within 28 days of the commencement of this cover. Amount payable – instalments excluding arrears calculated on a daily basis provided that the company shall not be liable for the first 7 days of such disablement.
Redundancy - Redundency other than voluntary redundancy from full time employment, provided that you have been in permanent employment for at least 4 consecutive months prior to the redundancy. Amount payable - Any instalments payable for the period of such total disablement.
Death - Your death. Amount payable - The outstanding debt payable at the time a death certificate is produced, excluding any arrears older than 3 months.
Death - Your death. Amount payable - The outstanding debt payable at the time a death certificate is produced, excluding any arrears older than 3 months.
Cost - The Repayment Waiver fee is calculated based on the value and term of your loan, with a minimum fee of $50.00.
Cancellation - The Repayment Waiver may be cancelled by giving us 7 days notice in writing. The Repayment Waiver also automatically cancels upon full prepayment of the Credit Contract. Premium refunds will be credited to your account and will be calculated using the following formula: Rebate = Amount of the waiver fee x (Number of whole months left on contract / Term of contract in months).