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Payment Protection

Gilrose provide payment protection in the form of a Repayment Waiver for peace of mind, knowing that one's loan is taken care of should the unexpected happen. A Repayment Waiver is optional but not required for those with Income Protection Insurance. Gilrose provide a Death Only Repayment Waiver or an Extensive Repayment waiver. 

(a) Total disablement - An accident causing total physical disablement for not less than 7 consecutive days in New Zealand or overseas provided that the overseas trip does not exceed 30 days in duration;
(b) Serious illness - Any illness which shall independently of any other cause be the sole and direct cause of total disablement which prevents you from engaging in your usual business or occupation for a period of not less than 7 consecutive days;
(c) Redundancy - Officially notified redundancy from full time employment provided that you have been in permanent employment for at least 12 consecutive months prior to the notified redundancy;
(d) Death – Your death.

(a) Total disablement – Any instalments payable whilst certified unfit for work;
(b) Serious illness – Any instalments payable for the period of such total disablement;
(c) Redundancy – Any instalments payable during the period of unemployment commencing 31 days following redundancy and terminating 121 days following redundancy;
(d) Death – The outstanding debt payable at the time a death certificate is produced.

The Repayment Waiver fee is calculated based on the value and term of your loan, with a minimum fee of $50.00.