Laboratories Credit Union Limited


Protect your loan with Loan Repayment Insurance

Loans are often long term commitments, so it makes sense to protect yourself with Loan Repayment Insurance.


  • Cover applies 24 hours a day, 7 days per week
  • Death benefit up to $500,000
  • Disability benefit up to $3,500 per month
  • Involuntary unemployment benefit up to $3,500 per month of unemployment up to $15,000
  • Trauma benefit up to $50,000

Key Features:

  • Life cover
  • Disablement cover (You must select Disablement cover if your wish to select Involuntary unemployment cover)
  • Involuntary unemployment cover
  • Trauma Cover

Life Cover

In the event of death:

  • The insurer will pay the life sum insured, subject to a maximum of $500,000.
  • The insurer will pay the outstanding balance of your loan contract at the date of death.

Disablement Cover

If you are unable to work because you have suffered an injury or sickness, the insurer will cover your repayments as shown on your policy schedule:

  • For the first 12 months you are continuously unable to perform the duties of your usual occupation (excluding the first 21 days).
  • An occupation for which you are reasonably qualified by education, training or experience (to a minimum of 30 months) that you are unable to engage in or attend any gainful occupation (to a maximum of 30 months).
  • Provided that the monthly benefit is no more than $3,500.

Involuntary Unemployment Cover

If you are unable to continue your permanent employment as a direct result of involuntary dismissal or retrenchment by an employer, the insurer will pay the repayment as shown on your policy schedule, to a maximum of $3,500 per month, for a maximum of 180 days, (after the 21 day waiting period) for each period of involuntary unemployment you experience.

Trauma Cover

If you suffer a trauma, the insurer will pay to you the amount you nominate in the application up to $50,000.

What are you waiting for? Apply today!

If you think this product is right for you, why not call LCU today on 02 9859 0585 for more information. 

  Additional information


If you have any questions, please contact us.

Laboratories Credit Union Limited ABN 77 087 650 217 AFSL / ACL 240807 acts under its own Australian Financial Services Licence and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722   AFSL 227681 trading as CGU Insurance. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before making decisions about insurance products you should consider the appropriateness of the information having regard to your circumstances and the relevant Product Disclosure Statement.