Pay your Professional Indemnity Insurance by the month

Solutions to help you make the right choices in protecting your assets.

Want a simple solution to free up cash flow?

Lawcover members spread the cost of Professional Indemnity insurance with Macquarie Pacific Funding

Details

  • Low rate of 2.45%
  • 10 month standard term
  • Pre-approval up to $150,000*
  • No fees for loan service or security
  • Interest charges tax deductible**

 

How to apply

  1. Visit the Lawcover website: Renew your Professional Indemnity insurance on the Lawcover website from 11 April 2019
  2. Select IQumulate Premium Funding to pay in monthly instalments
  3. Check and submit: Check your details, enter payment method and “accept”

 

What happens next?

  1. Your application is assessed
  2. Your nominated account will be debited for the first instalment within 3 business days
  3. Following approval and collection of your first instalment, we will settle your premium to Lawcover
  4. Lawcover will notify the Law Society that your insurance is in place once payment has been settled
  5. Details about your payment plan are emailed to you

Frequently asked questions

When is my first instalment due?

Your first instalment will be due on 16 May 2016 or on the day MPF processes your application, whichever occurs later. When you apply, please ensure there are sufficient funds in your nominated account to cover this payment.

How many monthly instalments will I repay?

A maximum term of 10 monthly instalments is available. To be eligible for 10 instalments, we need to have received your application before 16 August 2016.

  • Important note: A lesser term than 10 months will apply for applications received after 16th August 2016, depending on the date of receipt and processing.
  • For example: If MPF processes your application on 16 August 2016, you will have 9 payments due, starting on the processing date of 16 August. Payments will then continue on the 16th of each month, finishing on 16 April 2016.

When are my monthly payments due?

All payments are due on the 16th of each month, however, if this date falls on a non–business day (i.e weekend) the payment is withdrawn on the next business day.

What if I disagree with my premium?

All insurance queries should be directed to Lawcover, prior to completing your Online Application form or returning your 2016/17 Lawcover PII Quotation Form.

Is GST payable on my monthly instalments?

GST is not applicable to MPF’s finance facility and as such you will not pay any GST on your monthly instalments. However, your insurance premium would attract GST, so please refer to your accountant regarding any taxation concerns.

Can I finance part of my premium with MPF?

Please contact us if you would like to discuss other options.

Can MPF finance other types of insurance?

Yes! MPF can also provide premium funding for your general insurance premiums.