Frequently Asked Questions
Creditplus can help with general advice on covering your loan with payment protection and insurance designed to help you make your payments in the event of unemployment, redundancy or ill health. Creditplus can advise from a list of key suppliers.
What benefit do I get from Credit Protection Insurance?
- Life Cover
- Sickness Cover
- Accident Cover
- Hospitalisation (for self-employed)
- Redundancy cover protection for your family
- Use of free CareCall service
- Automatic acceptance - no medical required
- Keep savings intact
- Peace of mind
Remember, it's better to have the cover and not need it, than to need it and not have it!
How are premiums paid?
Premiums are paid every month for the same period as your credit agreement. If the installment is for 48 months (the maximum possible period), you will make 48 monthly premium payments.
What is paid if I have a claim?
Life - Were you to die, the full outstanding balance on your credit agreement will be paid (minus any arrears and interest on such arrears). Maximum amount payable is £20,000.
Sickness & Accident - If you are unable to attend work for 14 consecutive days as a result of a certified disability one full months payment will be made and thereafter for each continuous consecutive period of 30 days certified disability a sum equal to the monthly installment will be payable. Payment will cease when you are fit to return to work, the end of the insurance cover or the payment of 12 monthly installments per claim, whichever is the sooner. The maximum benefit payment per month is £750.
Hospitalisation (self-employed only) - If you become unable to attend work due to hospitalisation, after 7 consecutive days, one full months payment will be made. A second month's payment will be made if you continue to be hospitalised for a further 14 days and thereafter, for each continuous 30 day period a sum equal to the monthly payment until you leave hospital, the end of the insurance cover is reached or the payment of 12 monthly installments per claim has been made. The maximum benefit payment per month is £750.
Redundancy (excludes self-employed) - If you become unemployed due to redundancy after 30 days out of work one full months payment will be made and thereafter, for each continuous consecutive 30 day period of certified unemployment a sum equal to the monthly installment will be made payable until either you return to work, or the end of the insurance cover is reached or 12 monthly installments per claim are paid. You must be registered with the Unemployment Benefit Office and be actively seeking re-employment. The Maximum benefit payment per month is £750.
We'd be delighted to answer any other questions you may have, please contact one of our advisors on 08717 502 495
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