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Protecting Your Loan with Loansmart through
Provident Insurance
Enjoy the benefits that CreditCare Insurance offers you with Loansmart’s partnership under Provident Insurance. CreditCare Insurance protects you against the unexpected, ensuring your loan repayments are taken care of when life takes an unplanned turn.
What is CreditCare Insurance?
CreditCare Insurance is designed to protect your loan by covering repayments when unforeseen challenges arise.
While borrowing offers the freedom to achieve your goals, life sometimes throws curveballs.
CreditCare steps in during tough times like accidents, illnesses, hospitalisation, redundancy, income disruption, and even untimely death.
With CreditCare Insurance, you can face the future with confidence, knowing you and your family are protected from financial strain should an unexpected insured event occur.
Key Features of CreditCare Insurance
With CreditCare Insurance, Provident will cover your regular loan repayments, meaning Provident will cover some or all of your loan repayments to your loan if you suffer financial loss as a result of an unexpected insured event covered by the policy.
Single, Joint or Double CreditedCare insurance cover is available, through the following levels of cover:
- Cover Option 1: Covers some or all of your loan repayments in the event of your Death, Hospitalisation, or Bankruptcy.
- Cover Option 2: Covers some or all of your loan repayments in the event of your Death, Accident, Illness, Hospitalisation, or Bankruptcy.
- Cover Option 3: Covers some or all of your loan repayments in the event of your Death, Accident, Illness, Hospitalisation, Bankruptcy, or Income Disruption.
Key Benefits
CreditCare Insurance covers some or all of your loan repayments if you experience financial loss as a result of:
Covers the remaining amount due under your Credit Contract, in the event of your death, or if you are diagnosed with a terminal illness which will result in your death within 6 months or less.
Covers the instalments due under your Credit Contract, in the event you are unable to work after suffering an accident or illness for more than 7 days and you experience a financial loss as a result of not being able to work in your full-time employment, or if you are unable to work due to becoming a carer for an immediate family member suffering from an accident or illness for no less than 30 days.
Covers the instalments due under your Credit Contract, for up to 6 months, in the event you are hospitalised for 5 or more days and you experience a financial loss as a result of not being able to work in your full-time employment.
Covers the instalments due under your Credit Contract, for up to 6 months or a total of $12,000, in the event you are made Involuntarily Bankrupt.
For Salary & Wage Earners
Redundancy
Covers the instalments due under your Credit Contract, for a minimum of 2 months and up to a maximum of 12 months, in the event you are made involuntarily redundant.
Industrial Action
Covers the instalments due under your Credit Contract, for a minimum of 2 months and a maximum of 6 months or a total of $12,000, in the event your wage or salary stops being paid or is suspended, as a result of Industrial Action
For Self-Employed
Business Interruption
Covers the instalments due under your Credit Contract, for a minimum of 2 months and a maximum of 6 months or a total of $12,000, in the event you suffer financial loss as a result of Business Interruption.
Special Allowances: Reimbursement of up to $500 for specified expenses incurred as a result of an accepted claim.
Premium Reimbursement: Reimbursement of your Provident Insurance Motor Vehicle Insurance premiums paid during the period covered by an accepted claim.
Key Exclusions
This is an overview of things that are excluded from CreditCare Insurance, but for the full list please refer to the “What is not Covered” section of the Policy Booklet, which is available on the Provident Insurance website.
The policy does not cover:
- Any cause or condition that was known or should reasonably have been known by you at the start of the Policy.
- Any medical condition, sign, symptom, event or cause known by you to be in existence at the start date of the Policy, or for which medical advice, diagnosis, care or treatment has been sought, or ought reasonably to have been sought, or provided, in the 12 months immediately prior to the start date of the Policy, or in the event that your condition is related to cancer, in the 5 years immediately prior to the start date of the Policy.
- Any arrears or amounts owing under the Credit Contract before the insured event takes place.
- General Conditions (please refer to the Policy Booklet for full details).
Maximum claim limits apply. Standdown periods also apply before cover commences.
The purchase of this policy is optional and if purchased comes with a 14-day cooling-off period.
Please also refer to the“CreditCare Policy Wording”, which can be found at the Provident Insurance website for full details of coverage.
How Does it Work?
When you apply for a loan with Loansmart, you’ll have the option to add CreditCare Insurance as a layer of protection.
Choose the coverage that aligns with your needs. From income disruption to health-related issues, CreditCare is tailored to protect you.
If something unexpected should happen, such as sickness or redundancy, your repayments are taken care of, so you can focus on recovering.
"We work with our customers throughout the life of their loan, and if they have any concerns or their circumstances change, we work with them to resolve any issues. We want to make life easier for our customers, and we believe that personal finance should be neither costly nor stressful to obtain"
Get A Free Loan Assessment
Loansmart is highly reputable in the personal lending industry and has been providing services since 2008. Our experienced lending specialists work hard to get you the best deal.
Benefit from fairer terms, fees, interest rates and a team that cares.
Why Loansmart
We Say Yes More Often
More Options Tailored For You
Interest Rates From 9.95%*
*Subject to credit criteria and the credit profile of the applicant.
Longer Repayment Options
Faster Approval Process
*Subject to responsible lending checks and lending criteria.
Same Day Payment*
100% Easy, Online Process
Borrow up to $75,000 Unsecured or more with a Secured Loan
Get the complete package from a team that genuinely cares, and works hard to provide better loan options for you. Get Loansmart!
*Subject to responsible lending checks.
