With our optional Payment Protection Insurance your monthly loan repayments are taken care of if you become unemployed or are ill or injured and are unable to work. If you should die, the total amount remaining on your loan will be paid off too.
Key benefits of protecting your loan:
- Your monthly loan repayment is paid if you can't work for more than 30 days due to illness, accident or redundancy. Monthly benefit will be paid for a maximum of 12 months.
- If you are made unemployed we'll provide you with a Job Helpline to give you advice on getting back to work.
- The outstanding balance, less any arrears, will be repaid if you die during the term of your loan.
Ask about Payment Protection when you apply on 0845 7665522
Please note: These are only brief details of cover. Further details will be given when you apply. A copy of the policy document is available on request.
The following main exclusions apply: No monthly benefit payable during the first 30 days. Accident, Sickness, or Unemployment resulting: (1) from any medical condition or disease which you knew of, or should reasonably have known of, on the start date or advice or treatment received during the 12 months before and which recurs within 12 months of the start date; (2) From self inflicted injuries.
Unemployment in the following circumstances: (1) within 60 days of the start date; (2) Caused by or resulting from: (a) Resignation, voluntary unemployment, or voluntary redundancy; or (b) Misconduct or any action that contributes to or leads to you being dismissed; (3) At the end of (a) A fixed term contract (Unless your contract has been renewed at least once and you have been continuously employed for two years or more): (b) A contract for a specific task, period of training or apprenticeship (unless your contract, training or apprenticeship ends early. In which case we will pay the monthly benefit until the original end date or until we have made payments for the maximum benefit period).
On a joint policy, the second named person is provided with life cover only.