Personal loan insurance

Who knows what the future holds? We don’t. But we do know if you find yourself off work because of sickness or redundancy and unable to pay off your loan you’ll be glad you insured it.

Why choose Repayment Protection Insurance?

Peace of mind, all the way

Be ready for what life throws at you – if you lose your job or get sick - protect your loan from these unexpected events.1

Quick and easy application

Add insurance when you apply for your loan.

2 payments in 1

Premium added to your loan amount so you only have one regular repayment.

Fair’s fair

You’ll always pay the same regardless of your age, job or medical history.

Didn't find what you were looking for?

Call our insurance specialists now on 0800 422 898
Mon - Fri, 8am-6pm (NZDT)
Weekends, 9am-5pm (NZDT)

Got a question ?

Email us at: gem.nz@gemfinance.co.nz

Tailor your plan with one or more of the following covers

Repayment Cover

Disability

If you get sick or injured and can’t work for more than 14 days, we’ll cover your repayments up to $1,500 per month until you can return to work.

Involuntary Unemployment

If you lose your job through no fault of your own, perhaps you are made redundant, we can cover your repayments up to $1,500 per month until you find a job or for a maximum of 6 months.1

Life Cover

Life Cover

If you pass away or become terminally ill, we’ll pay off your remaining balance up to $50,000.1

1 For details and exclusions, see Policy.

Protecting yourself is easy

1

Give us a call

Phone us on 0800 422 898 to get started or find out more.

2

Apply for a loan

Complete a personal loan application form in approximately 10 minutes.

3

Opt-in

Apply for insurance during the loan application process.

Need to make a claim?

Call us on 0800 220 999 between 10:30am and 7pm Mon to Fri (AEST). Or simply make a claim online today

The Insurers

Insurance is issued by Hallmark Life Insurance Company Ltd. (Hallmark Life) and Hallmark General Insurance Company Ltd. (Hallmark General), (incorporated in Australia and operating in New Zealand).

Hallmark Life and Hallmark General have both received Insurer Financial Strength Ratings of ‘BBB+’ from Standard & Poors.

'AAA' An insurer rated 'AAA' has extremely strong financial security characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&P Global Ratings.
'AA' An insurer rated 'AA' has very strong financial security characteristics, differing only slightly from those rated higher.
'A' An insurer rated 'A' has strong financial security characteristics but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.
'BBB' An insurer rated 'BBB' has good financial security characteristics but is more likely to be affected by adverse business conditions than are higher-rated insurers.
'BB, B, CCC, and CC' An insurer rated 'BB' or lower is regarded as having vulnerable characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.
'BB' An insurer rated 'BB' has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.
'B' An insurer rated 'B' has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments.
'CCC' An insurer rated 'CCC' has very weak financial security characteristics and is dependent on favourable business conditions to meet financial commitments.
'CC' An insurer rated 'CC' has extremely weak financial security characteristics and is likely not to meet some of its financial commitments.
'R' An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favour one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations.
'SD or D' An insurer rated 'SD' (selective default) or 'D' is in default on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating of 'R'.

The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms.

An 'SD' rating is assigned when S&P Global Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An 'SD' includes the completion of a distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.
'NR' An insurer designated 'NR' is not rated.

Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Refer to the Standard & Poor’s website for further details: www.standardandpoors.com.

Both Hallmark Life and Hallmark General maintain solvency positions in excess of their current requirements or obligations. Refer to the tables below:

Hallmark General (as at 30 June 2017)

Prescribed Capital Amount (PCA)
NZ$ '000's
Capital Base
NZ$ '000's
Solvency Margin
NZ$ '000's
PCA Cover­age
29,201 108,868 79,667 3.73

Hallmark Life (as at 30 June 2017)

Prescribed Capital Amount (PCA)
NZ$ '000's
Capital Base
NZ$ '000's
Solvency Margin
NZ$ '000's
PCA Cover­age
Stat Fund 1:
809 15,049 14,240 18.60
Stat Fund 2:
282 4,673 4,391 16.58

NOTE: Hallmark Life and Hallmark General’s solvency calculations are based on APRA’s solvency requirements.

Overseas Policyholder Preference

An overseas policyholder preference applies to Hallmark General. Under Australian law, if Hallmark General is wound up, assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Hallmark General’s Australian assets to satisfy New Zealand liabilities.

Frequently Asked Questions

Policy details

Claims

Didn't find what you were looking for?

Call our insurance specialists now on 0800 422 898
Mon - Fri, 8am-6pm (NZDT)
Weekends, 9am-5pm (NZDT)

Got a question ?

Email us at: gem.nz@gemfinance.co.nz

Things you should know

*The premium for Repayment Protection Insurance is based on a number of factors, for example, the amount you’re borrowing and how long you’re borrowing it for.

1 Terms, conditions and some exclusion apply. See the Policy for full details including details of limits that apply to the cover. The insurance is issued by Hallmark Life Insurance Company Ltd. and Hallmark General Insurance Company Ltd. (incorporated in Australia and operating in New Zealand).