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Optional loan payment protection is available with most loans
Protection plans specific to your circumstances
Optional loan payment protection varies in the level of cover from lender to lender and each lender may offer numerous different plans. Therefore, it is important to ensure that cover is tailored to meet your specific circumstances. Our payment protection experts will discuss your requirements with you to ensure that you receive the cover required. Cover is available for either the main wage earner or, in the case of joint applicants, both applicants.
Peace of mind
Optional loan payment protection provides peace of mind in knowing that your payments will be met in the event of those unforeseen circumstances such as accident, sickness, involuntary unemployment, or even death. Secured loans are secured against your property and, therefore, your home could be at risk in the event of any such unforeseen circumstances should you not be able to meet your payments. The protected payment plan, which our lenders offer, can take care of these worries.
Our lender's payment protection plans invariably still pay out while you are unable to work even if your employer still pays you, leaving you with additional income during difficult times.
Eligibility
To be eligible for payment protection insurance you will need to be named on the credit agreement and be a resident in the UK, employed or self employed, and between 18 and 65 years of age.
Categories of cover
Single cover for the employed
- Accidental and sickness (disability cover) involuntary unemployment cover
- Life cover
Joint cover for the employed
If you and your partner are named on the credit agreement as joint borrowers you can both be protected for any of the cover for which you qualify. Therefore you both have the reassurance that your loan repayment is protected.
Single cover for the self-employed
- Accidental and sickness (disability cover)
- Hospitalization cover
- Life cover
Full premium refund on selected plans
Dependant on the term of insurance and so long as you have not made a claim or settled the loan you will eligible to claim all of your insurance premium back. This is subject to the terms and conditions of the policy and less insurance premium tax and interest charges.
Full details of your payment protection plan will be sent to you by the underwriters for which you will have the right to cancel during the statutory period in the event that you are not satisfied with the cover. |
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