Personal Loans Payment Protection
Creditcare is our optional payment protection insurance. If, for example, your client becomes ill, has an accident, becomes involuntarily unemployed, or in the event that they became a carer for a relative, Creditcare could cover their monthly loan repayments. That's why we recommend your clients take advantage of Creditcare, for their own peace of mind.
What does Creditcare cover?
There are three different levels of cover to suit your clients' individual needs.
Creditcare |
|||
|---|---|---|---|
Life |
Yes |
Yes |
Yes |
Accident and Sickness |
Yes |
Yes |
Yes |
Unemployment |
Yes |
Yes |
|
Carer Cover |
Yes |
Yes |
|
Critical Illness |
Yes |
|
|
As with all insurance policies various exceptions and exclusions apply.
The suitability of Creditcare will be assessed against your claim needs by telephone when the loan details are finalised.
Policy Summary Documents
Please ensure your clients receive a copy of the appropriate policy summary document, if you are responsible for selling Creditcare.
- Bronze Policy Summary Document
File size: 116k
- Silver Policy Summary Document
File size: 118k
- Gold Policy Summary Document
File size: 118k
To qualify for Creditcare, your clients must:
- be the first named applicant on the loan agreement,
- aged between 18 and 65
- a UK resident and in work
- in paid employment paying Class 1 UK National Insurance contributions or self employed and registered for Class 2 UK National Insurance contributions and,
- not aware of any impending unemployment or disability
As with all insurance schemes, there are some exclusions.
How do my clients pay for Creditcare?
Their monthly loan repayments will include the Creditcare premium.
How much does it cost?
It depends on the amount your client borrows, and how long they take to pay back the loan. Details of how much your clients' insurance costs are shown on their documentation.
Who arranges Creditcare?
Creditcare Gold, Silver and Bronze is arranged by Halifax acting as an intermediary and is underwritten by St Andrew's Life Assurance plc (Registered No. 3104670) (England) and St Andrew's Insurance plc (Registered No. 3104671) (England) ("the companies"), St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9SA.
