Frequently asked questions
Q: Who is eligible to apply for Yellow Brick Road Loan Protect?
Generally, cover is available to Australian or New Zealand citizens/permanent residents residing in Australia between the ages of 18-59 who have applied for a loan through a Yellow Brick Road Wealth Manager in the last 12 months. Talk to one us of today.
Q: What are my payment options?
At the time of application you will be asked for credit card or bank account details to enable direct debit payments. You can elect to pay by the month or annually. There are no additional charges for our monthly payment option.
Q: I'm a smoker now; will my premium change if I stop smoking?
Yes. Your premium can be changed to the non-smoker rate if you stop smoking for 12 consecutive months. You will need to make a declaration that you have not smoked any substance during this period.
Q: Can I remove one person from a joint policy?
Yes. You may cancel the insurance for either person at any time. You may also change the ownership of either insurance. Please contact Yellow Brick Road on 1300 859 286 to request the change.
Q: Who is Yellow Brick Road Loan Protect issued by?
Yellow Brick Road Loan Protect is issued by MetLife Insurance Ltd (Death, Terminal Illness and Living Benefits) and Chubb Insurance Australia Limited (Involuntary Unemployment Benefit).
Q: Who is responsible for paying a claim?
The insurer who provides the cover under your policy is responsible for paying your claim. MetLife Insurance Ltd will facilitate the claims process for you to ensure a fast claim outcome.
Q: How do I make a claim?
Call Yellow Brick Road on 1300 859 286 if you need to make or discuss a claim.
Q: What is the timeframe for a benefit payment after a claim?
This varies from claim to claim and depends on the circumstances and receipt of all required information. Claims are paid, on average, within 14 days.
Q: Can I cancel the policy?
Yes. All you have to do contact Yellow Brick Road Loan Protect team on 1300 859 286 to request the cancellation.
Q: Can the insurer cancel the policy at any time?
Generally no, although the insurer can cancel in some cases such as where you have not paid premiums. Once your policy has been accepted, Yellow Brick Road Loan Protect is renewable each year to age 99 (for the Death and Terminal Illness benefits) and age 65 (for the Living Benefit).
Q. Can I change my cover amount?
You can request to vary your level of cover at any time by contacting Yellow Brick Road on 1300 859 286.
Q. Who will be the beneficiaries?
For a single life policy the benefit will be paid directly to the policy owner or their estate in the case of the death benefit. For a joint life policy, the benefit payments are made to the policy owners jointly or to the surviving policy owner in the case of the death benefit.
Q. Who owns the cover?
Where one person is covered, that person is the policy owner. The policy owner is responsible for paying the premiums and is entitled to the proceeds of any claim. If two people are covered, the cover will operate separately but both persons will jointly own the policy.
Q. If I pay out my loan, can I keep my policy in place?
Yes. Cover operates indepently of your loan and the benefits are paid directly to you (or your estate or joint policy owner upon your death) and not the lender.
Q: Will I need to undergo a medical examination to obtain cover?
No, one of the many advantages of obtaining cover through Yellow Brick Road Loan Protect is that it is easy. You will not need to undergo medicals or blood tests to apply. However, you can complete a set of health questions within the first 30 days of cover to obtain certainty in regards to your benefits.
Q: When will my Yellow Brick Road Loan Protect cover start?
You will be sent a notification that your application has been successful, from this time your cover will begin. You will receive an insurance policy schedule that defines the specifics of your cover.
Q: Does Yellow Brick Road Loan Protect only cover you in the event of death?
Yellow Brick Road Loan Protect will cover you in the event of death, terminal illness, specified trauma events (critical illness) and involuntary unemployment (within the first 12 months of cover).
Q: What happens to the Involuntary Unemployment Benefit after 12 months?
The Involuntary Unemployment Benefit ceases after the first 12 months of the policy.
Q: How does the Involuntary Unemployment Benefit work?
The Yellow Brick Road Loan Protect Involuntary Unemployment Benefit pays up to a maximum of $2,500 per month for a period of three months (on a pro-rata basis) if you are involuntarily unemployed for a period longer than 30 consecutive days within the first 12 months that the policy is in place.
*3 month exclusion period applies to cancer, heart attack or stroke. Some cancers excluded. Please read the full definition of each insured condition. See Policy Document for details.
Yellow Brick Road Loan Protect is issued by MetLife Insurance Limited ABN 75 004 274, 882 AFSL 238096 (MetLife) (Death, Terminal Illness & Critical Illness Benefit) and Chubb Insurance Australia Limited ABN 23 001 642 020 AFSL 239687 (Chubb) (Involuntary Unemployment Benefit). It is distributed and marketed by Authorised Representatives of Yellow Brick Road Wealth Management Pty Limited ABN 93 128 650 037, AFSL 323825, a wholly owned subsidiary of Yellow Brick Road Group Pty Limited ABN 58 124 415 194.
The information provided is of general nature and cannot be relied upon or construed as any form of advice. The information provided does not take into account your objectives, financial situation or needs. You should consider if the information is appropriate for you before making a decision. You should always seek independent financial and legal advice before making a decision in relation to a financial product.
Read the Product Disclosure Statement (PDS) and the Financial Services Guide (FSG) before making a decision.