Payment Protection -TERMS OF BUSINESS

Payment Protection Limited provides various insurance policies on a "non advised basis only". We will offer you a limited range of insurance products for you to choose from. Ask us for a list of insurers we offer insurance from.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We do not charge a fee for the services we provide.
We will provide you with comprehensive information to assist you in making an informed decision about the insurance you are considering.

If we cannot match your requirements, we will explain the differences in the policies that we offer and if it is not practical to match your requirements we will provide you with information so that you make an informed decision about your proposed insurance.

We will explain the main features and benefits of the insurance policy that you are considering. We shall also explain any significant conditions or obligations which you must meet. Sample policies are available should you require one.

We shall explain the cost of the policy, including where applicable, any additional taxation costs, together with details about how to make a claim and your cancellation rights. All policies offered by Payment Protection Insurance Limited are subject to underwriting by the individual Insurance companies concerned, submitting an application does not automatically guarantee that you will be accepted for cover.

Mortgage Payment Protection Insurance - Eligibility Criteria

You can apply for cover under this mortgage payment protection insurance policy if on the start date:

Mortgage Protection Quote -You are taking out this mortgage payment protection policy to insure the mortgage payments on the property that is your main private residence; and

Mortgage Protection Quote UK -You are permanently resident in the United Kingdom; and

Mortgage Cover -You are aged 18 or over at the start date and will not have passed the statutory retirement age (currently aged 65 for males and aged 60 for females) before the termination date of cover; and

Mortgage Payment Protection Cover -You are actively working on the start date and when your mortgage payment protection claim occurs, for no less than 16 hours each week; and

Mortgage Payment Protection Plan - You have been continuously employed for at least 6 months immediately prior to the start date of this mortgage payment protection policy ; and

Mortgage Payment Protection Plans - Your place of work is within the United Kingdom ; and

Mortgage Payment Protection Quote -You agree to abide by the terms and conditions of this mortgage payment protection insurance policy.

Important Facts about Loan Payment Protection Insurance

The need for Loan Payment Protection Insurance

No one knows what the future will hold and if you become unemployed or need to look after a partner, spouse, parent or child full time or you were disabled due to an accident or sickness (Disability) you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive a small percentage of their normal income.

Loan payment protection insurance can provide protection in the event of Death, Terminal Illness, Carer, Hospitalisation, Accident & Sickness (Disability) and Involuntary Unemployment.

Some facts about loan protection cover

Cover for Accident, Sickness (Disability), Involuntary Unemployment, Hospitalisation or Carer Cover in respect of your loan repayments and other regular monthly commitments:

Loan Protection : Cover available via this loan payment protection insurance policy is for the amount of your monthly loan repayments plus up to an additional 100% for other monthly commitments.

Loan Protection UK : Maximum loan payment protection benefit available via this loan payment protection insurance policy is £2500 per month or 75% of your normal monthly income, whichever is the lesser for Accident, Sickness (Disability) or Unemployment.

Loan Payment Protection : Maximum loan payment protection Benefit Period via this loan payment protection insurance policy is 12 months in any one claim period.

Loan Payment Protection UK : The first month's loan payment protection benefit is paid after 30 days, back dated to Day One.

Loan Protection Insurance : All loan payment protection claims for Accident, Sickness (Disability) and Involuntary Unemployment paid via this loan payment protection insurance policy on a daily basis, monthly in arrears.

Loan Protection Insurance UK : Two months Carer benefit paid via this loan payment protection insurance policy after 60 days and then on a daily basis monthly in arrears.

Loan Payment Protection Insurance: One months Hospitalisation benefit paid via this loan payment protection insurance policy after 7 days and thereafter on a daily basis monthly in arrears from day 30.

Loan Payment Protection Insurance UK : If you select the LASU cover option of this loan payment protection insurance policy this benefit provides cover up to the limit you have chosen (either £30K or £60K) or the outstanding balance of your loan agreement (excluding any arrears) whichever is the lesser amount in the event of your death or diagnosis of a terminal illness.

Loan Payment Insurance : There is a 3 month re-qualification period after each claim.

The risks of this loan payment protection insurance policy are underwritten by Brit Insurance Limited in respect of disability and unemployment, and Sterling Life Limited in respect of Life and terminal illness.

What does Payment Protection Insurance do?

Payment Protection Insurance protects a borrower's ability to maintain repayments and helps them avoid getting into debt should they be unable to keep up their repayments due to accident, sickness (Disability) or unemployment.

Policies are available to protect most forms of personal credit, including mortgages, personal loans and credit card repayments. Cover is often purchased at the time the finance arrangement is made, but may be available at a later date or taken out as a stand-alone policy

The cover is very easy to purchase, as there are very few eligibility requirements. Typical requirements are that you are aged 18 to 65, or higher in some circumstances, and that you are employed for at least 16 hours a week or on a long term contract or have been self-employed for a period of time.

All policies will have a period at the start of each claim that you will need to wait before payments begin. Once a claim has been accepted, benefit payment periods will vary but typically, claims are paid for up to 12 months in most cases, but some may last as long as 24 months. Why is payment protection insurance important? Payment protection is designed to help pay your financial commitments in the case of accident, sickness (Disability) and unemployment. These circumstances have been proven to cause financial hardship due to a reduction in income, making it difficult to maintain payments on mortgages, loans and credit cards.

Our Payment Protection Insurance could offer:

• Cover for your repayments against accidents, involuntary unemployment, illness and hospitalisation
• Payment of the outstanding balance of your loan if you die, suffer a critical illness or permanent total disability
• Additional nursing and medical services
• 'Back-to-work' and career assistance services

Paymentcare Limited specialises in the provision of Insurance cover for Loan Payment Protection Insurance (LPPI); Income Payment Protection Insurance (IP) and Mortgage Payment Protection Insurance (MPPI) protecting you against Accident, Sickness (Disability) and Involuntary Unemployment.