Payment protection
The Optional Loan Payment Protection Plan is a simple way to help meet your loan repayments. It could help to meet your loan repayments if you have an accident, become ill or suddenly find yourself unemployed through no fault of your own.
To be eligible for this cover, provided by Norwich Union, you must be:-
- Aged over 18 and under the age of 65
- Aged under 70 at the end of your loan term
- A UK resident excluding the Channel Islands and the Isle of Man.
- Working 16 hours or more per week in permanent paid employment* .
- The first named applicant.
*Paid employment is defined as paid work of at least 16 hours per week. This includes self-employed work and statuory maternity and parental leave but it does not include temporary work. Examples of temporary work include that done on a casual basis or through a recruitment agency.
Benefits include:
- Unemployment Cover
If you're made redundant or become involuntarily unemployed for more than 30 days, we'll meet your monthly repayments for up to 12 months or until you find a new job, whichever comes first. - Accident & Sickness Cover
If you can't work due to accident or sickness for more than 30 days, your monthly repayments are covered until return to work or your outstanding balance is paid off - whichever is sooner. - Life Cover
If the worst should happen and you should you die before your loan is repaid, the outstanding balance will be paid off in full. - Back to Work Service
You can get expert advice on dealing with redundancy, unemployment, careers, CV advice as well as a rehabilitation service if you are injured.
Terms and Conditions apply subject to eligibility.
There are some limitations too:
Cover may be limited or there may be specific exclusions if you :-
- are self employed
- are on a fixed-term contract
- are on maternity or parental leave
- are currently off work sick
- reach 65 years of age during the loan term
- have not been in permanent employment for 6 continuous months
- leave the UK to live abroad
- retire early from work
- voluntarily reduce your hours of work to less than 16 hours per week
We will not cover a claim resulting from:
- certain pre-existing medical conditions
An unemployment claim can only be made:
- If you have been in paid employment for a minimum of 16 hours per week continuously for 6 months
- in the event of compulsory redundancy after the first 90 days
