Loan payment protection plan
Optional loan payment protection plan from The Co-operative Bank is a simple way to help meet your loan repayments. It could cover 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
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 you 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. |
Policy terms & conditions apply. Subject to eligibility.
Some limitations and exclusions exist, the most significant of which are listed below. These are not all of the exclusions and limitations, and it is very important that you read the policy documentation carefully, as there may be exclusions which limit your ability to claim under the policy:
| Cover may be limited or there may be specific exclusions if you:- |
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| We will not cover a claim resulting from: |
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| An unemployment claim can only be made: |
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Find out more about payment protection insurance see the guide from the Association of British Insurers (PDF – 0.4MB)
You will need Adobe Acrobat Reader to read this. Download this here.
You have not received any advice or recommendation on this product but have been provided with information in order to make an informed decision. It is important that you read the Policy Documentation in order to check whether the policy is suitable for your needs within the statutory 30 day cancellation period.
*Paid employment is defined as paid work of at least 16 hours per week. This includes self-employed work and statutory 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.
