Consumer credit insurance (CCI) covers you if something happens to you that affects your ability to meet your credit repayment.

You may be offered CCI cover by your lender when it approves your credit (such as a credit card, personal loan or mortgage). Check that the lender’s product suits your needs – it is wise to get other quotes as you might find a CCI policy that suits you better through another insurer.

To find an insurer that offers these types of policies, visit

What does consumer credit insurance cover?

Typically, CCI covers your payments in the event of death, permanent disability or loss of income due to injury, illness or involuntary unemployment. Your CCI policy may pay the outstanding balance owed in a lump sum or cover your repayments for a period of time.

If a claim is approved, the insurer pays the money to the lender, not to the consumer.

CCI may also include merchandise protection cover, which covers damage, loss or theft of merchandise purchased with the loan product. It can also include stolen credit card cover, which provides a lump sum benefit if your credit card is stolen.



How are CCI premiums paid?

CCI may be charged up-front and included in the cost of the credit or paid separately by the consumer.

Do I need to undergo a medical examination to purchase CCI?

CCI is not usually subject to a medical check but it is best to check with your lender or insurer.

What if I change my mind about purchasing CCI?

You can cancel your policy within the cooling off period and any premium paid will be refunded. Check the Product Disclosure Statement (PDS) as cooling off periods may vary between insurers. You can also cancel your policy after the cooling off period has expired. Premium refunds will also vary between insurers.

How do I make a claim?

You should contact your lender or insurer and lodge a claim as soon as possible after the occurrence of the event which may entitle you to a payment.