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A backstop to help cover your lease payments.
What if the unexpected happens and you become unemployed against your wishes? Or you're unable to work because of sickness or an accident? Lease Protection Insurance is there to help by covering your lease payments for an extended period.
This lets you end your lease agreement after a set period (see above) and have the insurer cover the gap between the ‘fair sale price’ of your car and any outstanding balance due under your lease agreement.
Once a 30-day waiting period has passed, you receive a $400 payment each month for the car running costs in your account (up to a maximum of $4,000 in total) as long as you remain off work because of involuntary unemployment, sickness or accident.
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This is general information only. Before entering into any salary packaging or novated leasing arrangement, you should consider your objectives, financial situation and needs, and seek appropriate legal, financial or other professional advice based upon your own particular circumstances. The availability of benefits is determined by your employer. Conditions and fees apply. Smartsalary Pty Ltd, ABN 24 096 796 100, a SmartTM company.
This policy is issued by Professional Risk Underwriting Pty Ltd ABN 80 103 953 073 AFSL 308076 (ProRisk) on behalf of certain underwriters at Lloyd's (Lloyds Underwriters). This document may contain general financial product advice that does not take into account your personal financial circumstances. You can obtain the relevant PDS by contacting Smart on 1300 144 873. Smartsalary Pty Limited is a Corporate Authorised Representative (CAR No. 000284495) of Coverforce Broking Pty Ltd, ABN 11 118 883 542 AFSL 302522 of Level 26, 100 Tower One International Towers, 100 Barangaroo Avenue, Sydney NSW 2000.