If you’ve been paying loan protection insurance and have since found out that you’re ineligible for a refund, don’t despair. There are still some things you can do to get your money back.First, it’s important to understand why you may not be eligible for a refund. In most cases, it has to do with the way the policy was originally structured. For example, if you took out a loan with an interest-only period, the loan protection insurance would only cover the interest payments during that time. Once the principal of the loan was start being paid off, the coverage would end.
Another reason you may not be eligible for a loan protection insurance refund is if you cancel your loan before the end of the term. In most cases, the loan protection insurance policy will have a clause that states you are not eligible for a refund if you cancel the loan before the end of the term. If you’re not sure whether or not this applies to your situation, it’s best to check with your lender or the loan protection insurance provider.If you’re still interested in getting a loan protection insurance refund, there are a few things you can do.
First, you can try to negotiate with your lender. In some cases, lenders are willing to refund a portion of the loan protection insurance premium if you agree to keep the loan for a longer period of time. Another option is to try to negotiate with the loan protection insurance provider.
Some providers are willing to give refunds if you can prove that you’re no longer in need of the coverage. Finally, you can file a complaint with your state’s insurance commissioner.
This is usually a last resort, but it may be worth considering if you’re not able to get a refund any other way.If you have loan protection insurance and are having trouble getting a refund, don’t give up hope. There are still some options available to you. Talk to your lender or loan protection insurance provider about your options and see if you can work something out. If all else fails, consider filing a complaint with your state’s insurance commissioner.
Why would I get a refund from CBA?
If you have loan protection insurance with us and your loan is repaid in full or you cancel your loan during the fixed interest rate period, you may be entitled to a refund of all or part of your loan protection insurance premium.
How do I claim my refund?
If you would like to apply for a refund, please call 13 22 21 and select option 3 to speak to one of our loan protection insurance specialists. We’re available 8am-8pm (AEST/AEDT) Monday to Friday.
What if I have loan protection insurance with another provider?
If your loan is no longer eligible for loan protection insurance cover and it’s been less than two years since you first took out your loan, you may be able to transfer your loan protection insurance to another lender. You’ll need to apply for loan protection insurance with the new lender and provide evidence that you’re no longer eligible for cover with us. If your loan is no longer eligible for loan protection insurance cover and it’s been more than two years since you first took out your loan, you won’t be able to transfer your loan protection insurance. In this case, you may be entitled to a refund from your current loan protection insurance provider. For more information about this, please contact them directly.
How do I get a refund from CCI?
If you’re entitled to a refund, we’ll process it as soon as possible and send the money to you by cheque or direct deposit. We’ll also send you a letter confirming the refund amount and how it was calculated. If you have any questions about your refund, please call us on 1300 363 554.
What if I cancel my loan before the end of the loan term?
You won’t be eligible for a loan protection insurance refund if you cancel your loan before the end of the loan term. This is because the loan protection insurance policy is designed to cover you for the full loan term. If you cancel your loan early, you won’t have paid premiums for the full loan term, so a refund wouldn’t be fair to other policyholders.
What if I make additional loan repayments?
If you make additional loan repayments, you may be eligible for a loan protection insurance refund. This is because the loan protection insurance policy is designed to cover you for the full loan term. If you pay off your loan early, you won’t have paid premiums for the full loan term, so a refund wouldn’t be fair to other policyholders.
Can I get a refund if my loan is refinanced?
If your loan is refinanced, you may be eligible for a loan protection insurance refund. This is because the loan protection insurance policy is designed to cover you for the full loan term. If you refinance your loan, you won’t have paid premiums for the full loan term, so a refund wouldn’t be fair to other policyholders.
What if I cancel my loan protection insurance?
If you cancel your loan protection insurance, you won’t be eligible for a refund. This is because the loan protection insurance policy is designed to cover you for the full loan term. If you cancel your policy early, you won’t have paid premiums for the full loan term, so a refund wouldn’t be fair to other policyholders.
