Introducing NEW
Job Loss Protection
Cover yourself if you unexpectedly lose your job and protect what matters most. There are good reasons to have Job Loss Protection. What might yours be?
Why consider Job Loss Protection
Do you know how you would pay your everyday essential expenses if you unexpectedly lost your job?
Mortgage or rent payments, groceries and utility bills, running costs for the car, school fees, pets – these will most likely continue even if your job doesn't.
Having insurance in place may help.
What you get with Job Loss Protection
How to get it
Apply for Job Loss Protection today, here's how:
Get a quote
It's quick, easy and takes just a few minutes. Go on, what are you waiting for?
Tailor it
Choose a level of cover that best suits your everyday essential expenses.
Apply
Answer some quick questions and get a response on the spot. Eligibility criteria applies.
Get covered
Once accepted, pay the 1st monthly premium to start your policy.
About Job Loss Protection
unexpected termination including involuntary redundancy when you are seeking gainful occupation
contracts or other fixed terms ending prior to the intended completion date. Read the PDS for examples of expected and unexpected contract end dates
a monthly benefit for up to 3 months (for one or more job losses with the same employer in a 6 month period)
unpaid stand downs
your chosen benefit which is calculated as a percentage of your after tax income at the time you apply. This amount may be changed mid-policy if your income changes
job loss lasting for less than 14 consecutive days or arising within the first 30 days from the start of the policy
voluntary job loss
job loss due to serious misconduct or failing to keep relevant licences/permits/vaccinations
after the following changes to your employment situation that you do not tell us about or which results in us cancelling the policy:
- change of employer or industry
- change of employment type
- unemployment other than job loss, or
- your work reduces to less than 10 hours
Who can apply
You can apply for Job Loss Protection if you:- are a resident of Australia currently living in Australia,
- are at least 18 years old when you apply,
- have an eligible credit product with Latitude and
- are working at least 10 hours per week in eligible employment.
When you apply, we also consider various factors (such as your income and industry) when deciding whether to accept or decline your application for Job Loss Protection.
Let's talk everyday essential expenses
We can give you information and tell you what we generally recommend to our customers, but any advice is only general in nature and won't look at how much cover you need in your personal circumstances.
Everyday essential expenses vary from person to person. Consider what's right for you. To get you thinking, some common everyday essential expenses might be mortgage, rent, utilities, groceries or school fees.
Things to consider
Changes to your employment circumstancesYou must tell us if there is a change to your employment circumstances such as changing employer or reducing the hours you work. Depending on the change, we may speak to you about changing your policy terms, premiums or benefits, or cancelling your policy.
Term & RenewalJob Loss Protection is a 12-month policy, and it will automatically renew on its expiry unless:
• we notify you we're not offering 'renewal'; or
• you tell us you don't want to renew.
If you change your mind and cancel within the first 21 days of the policy starting or renewing, we'll refund any premium you've paid, unless you have made a claim. You can also cancel at any time.
Payment optionsYour premium is debited monthly from your debit or credit card.
Budget planner
A budget can help you identify your expenses so you can focus on which everyday expenses are essential and which might not be. Latitude has a budget tool – have a look.
You can also find a handy Budget Planner at moneysmart.gov.au to help you work out where you are spending money to effectively budget.
Who can apply
You can apply for Job Loss Protection if you:- are a resident of Australia currently living in Australia,
- are at least 18 years old when you apply,
- have an eligible credit product with Latitude and
- are working at least 10 hours per week in eligible employment.
When you apply, we also consider various factors (such as your income and industry) when deciding whether to accept or decline your application for Job Loss Protection.
Things to consider
Changes to your employment circumstancesYou must tell us if there is a change to your employment circumstances such as changing employer or reducing the hours you work. Depending on the change, we may speak to you about changing your policy terms, premiums or benefits, or cancelling your policy.
Term & RenewalJob Loss Protection is a 12-month policy, and it will automatically renew on its expiry unless:
• we notify you we're not offering 'renewal'; or
• you tell us you don't want to renew.
If you change your mind and cancel within the first 21 days of the policy starting or renewing, we'll refund any premium you've paid, unless you have made a claim. You can also cancel at any time.
Payment optionsYour premium is debited monthly from your debit or credit card.
Let's talk everyday essential expenses
We can give you information and tell you what we generally recommend to our customers, but any advice is only general in nature and won't look at how much cover you need in your personal circumstances.
Everyday essential expenses vary from person to person. Consider what's right for you. To get you thinking, some common everyday essential expenses might be mortgage, rent, utilities, groceries or school fees.
Budget planner
A budget can help you identify your expenses so you can focus on which everyday expenses are essential and which might not be. Latitude has a budget tool – have a look.
You can also find a handy Budget Planner at moneysmart.gov.au to help you work out where you are spending money to effectively budget.
Things you may not know
Job Loss Protection and Income Protection may not be the same
Income protection insurance is a common term for disability income insurance. This type of insurance generally pays a benefit if you can't work due to sickness or injury. Income protection insurance does not usually cover job loss such as involuntary redundancy.
Latitude's Job Loss Protection covers you for job loss events like involuntary redundancy, but not if you can't work due to sickness or injury.
Speak to a professional adviser if you are unsure of the cover you hold or may need.
Job loss cover may not be included in your Superannuation
Superannuation funds may offer life, permanent disability and income protection insurance for their members.
If you hold insurance through superannuation, it may not include cover for job loss such as involuntary redundancy.
You can check whether you hold insurance through superannuation and if so, what it covers, by contacting your superannuation fund.
Your Job Loss Protection may have tax considerations
Benefits paid under Job Loss Protection are generally considered to be income replacement. Therefore, the general position is that a Job Loss Protection benefit payment should be treated as assessable income, and premiums may be deductible for tax purposes.
This information is a guide only and does not represent tax advice. We recommend that you seek professional tax advice from an independent tax adviser or registered tax agent, specific to your individual circumstances.
Industry Code of Practice
Hallmark General is a subscriber to the General Insurance Code of Practice. Click below to access a copy of the Code.
How we can support you
Got a complaint?
We aim to deliver excellent products and great service, but if we have not met your expectations, we want to hear from you. Click here for more information on our complaint process and policy.
Are you hearing impaired?
Latitude uses the National Relay Service to ensure we are contactable for customers who are deaf or have a hearing or speech impairment. Please visit the link below.
Hardship Care
If you are in urgent financial need and either have an open claim, or want to submit one, we may: fast-track our claim assessment and decision, or pay an advance amount within 5 business days from your request, to help ease your situation.
Need help from an interpreter?
We know some of our customers prefer to speak to us in a language other than English. We can arrange for Language Loop, who are an independent interpreter service, to help you with your call to Latitude (subject to availability). Let us know if you would like to use an interpreter and we’ll arrange it at no cost to you.
Are you experiencing family and domestic violence?
There are several ways we can support you.
Important information
Any advice on this website is general advice and may not be right for you. It does not take into account your personal objectives, financial situation or needs. You should read the Product Disclosure Statement and consider whether or not Job Loss Protection is right for you before buying or deciding to continue holding the product. Click here for our Target Market Determination. Job Loss Protection is issued by Hallmark General Insurance Company Ltd. ABN 82 008 477 647 AFSL 243478 (trading as Latitude Insurance) (a subscriber to the General Insurance Code of Practice).