What is Paymentcare Loan Protector?

Depending upon the type and level of cover you have chosen, this policy can cover your loan repayments for up to 12 months per claim, if you become unable to work as a result of disability or unemployment. If you choose, this policy can also provide a lump sum payment in the event of your death or diagnosis of a terminal illness.

What are the features and benefits of Paymentcare Loan Protector?

You can choose from the following types of cover:
Life, Terminal Illness, Unemployment & Disability
Life, Terminal Illness & Disability
Unemployment & Disability
Disability only

You can only choose one of the above options and that is all you will be covered for. e.g. if you choose disability only you will not be covered for unemployment, life or terminal illness.
You can cover loan repayments of up to £1500 per month.
If you wish to add extra cover over and above your loan repayments, you can do this up to a certain limit.
Your monthly benefit cannot exceed 50% of your normal monthly income.

Transfer of Cover:
If you transfer cover from another insurer (providing this is on a like-for-like basis i.e. you previously had £500 accident, sickness (disability) & unemployment cover then you can apply for £500 of accident, sickness (disability) & unemployment cover), we will waive the initial exculsion period for unemployment, providing your previous insurance has been in force for at least 6 months and you have never made a claim under that policy.

See section 6 of the policy document for limitations on monthly benefit.

How the policy works

You choose the level of monthly benefit you require to cover your loan repayments.

If you are unable to work for more than a continuous period of 30 days, we will pay 1/30th of your monthly benefit for every day you are unable to work thereafter monthly in arrears.

However, if you have chosen a waiting period within your policy, we will backdate the payment of your benefit to the first day that you were unable to work.

We will continue to pay monthly benefits for up to twelve months per claim period. Thereafter, you must return to work for 90 consecutive days to be eligible to make a new claim.

If you select Life & Terminal Illness cover (as an option under this policy) and you are diagnosed with a terminal illness or die we will pay the maximum benefit as stated on your schedule or the outstanding balance of the loan(less any arrears you have accrued) whichever is the lesser. If you no longer have a loan we will pay twelve times your monthly benefit, as stated on your certificate of insurance.

Am I Eligible to Apply for cover?

You can apply for cover if:
You are 18 years of age or over and below the statutory age of retirement.
You are working in the UK for at least 16 hours each week.
You are named on the loan agreement for the loan payments you are seeking to protect.
You have been in continuous employment for at least 6 months.

See section 1 of the policy document for full details of eligibility.

If you are in casual, temporary or seasonal employment, you cannot be covered under this policy.
If you are self employed, your business must have completely ceased trading for you to claim unemployment benefit.
If you are a contract worker you can be covered under this policy provided you are on a renewable contract of 13 weeks or more.
If you are a director with more than a 10% share in the business you work in, the business must have been wound up for you to claim unemployment benefit.

WARNING - Cover for the self employed, company directors and contract workers is limited -
See sections 10 and 11 of the policy document for full details.

What am I NOT covered for under Paymentcare Loan Protector?

There are some things that you are not covered for. These are generally anything you already knew about when applying for the policy or anything that is caused by deliberate or illegal acts on your part.

The most significant exclusions of the policy are set out here but for full details of the terms and exclusions please refer to sections 9, 11, 14 & 18 of the policy. There may be other exclusions that are relevant to you therefore you must check the policy document carefully for full details.

You will not be covered if:
You claim for unemployment within the first 120 days of the policy start date.
Your terminal illness is diagnosed within the first 90 days of your policy start date. (assuming you have selected this level of cover).
You are not named on the loan agreement you are protecting.
When taking out the policy, you knew that you were likely to become unemployed or disabled or a carer.
You have been to see a doctor or consultant in the last 12 months about anything that you may claim for in the future, unless you have completed a continuous two year period symptom, treatment and consultation free, prior to a claim.
Your disability is due to stress, depression, anxiety or back related problems unless a consultant confirms the condition solely prevents you from working.

How long does my Paymentcare Loan Protector policy run for?

The policy is reviewed on an annual basis, however your premiums are paid monthly. Thirty (30) days before the policy has been in force for a year, and annually thereafter, we will write to you advising you of the premium for the next 12 months and of any changes to your cover.
Cover starts on the date we agree with you and the cover will continue monthly until the earliest of the following:
1. You die; or
2. You retire or reach statutory retirement age, whichever is earlier; or
3. You stop living or working in the UK; or
4. Your premium is more than 30 days overdue; or
5. You or the Insurer cancel your policy.

The policy is designed to cover your monthly loan payments which may change in line with changes in interest rates. You must review your cover regularly to ensure it is adequate for your needs. Please call us on 0845 408 0952 if you need to increase or decrease your monthly benefit.

Will my premium change each year?

The premiums for future years will depend upon the forecasts of costs to the Insurer of settling claims and changes in taxation and inflation. The Insurer will not seek to recover, in future years, the costs of any claims already paid out. Changes to your premium will not depend on your individual circumstances but on the cost of overall claims.

Please see sections 4, 5 and 20 of the policy document for details of premium payments and the term of this policy.

Cancellation of the policy

We hope that you are happy with the cover this policy provides. If however you are unhappy or you change your mind about this policy, you have a right to cancel within 30 days of the policy start date and get back any premiums you may have paid, as long as you have not made a claim under this policy. Thereafter, you can cancel this policy at any time by writing to the administrator.

The Insurer can cancel the policy by giving you 30 days notice prior to your policy review date. This will not depend on your individual circumstances. This will not affect any rights to monthly benefit which you may already have received under this policy before the termination date of your cover.

How do I make a claim under my Paymentcare Loan Protector Policy?

Please telephone the administrator on 0845 408 0952 and state that you wish to make a claim. Please ensure that you have the policy number to hand, this can be found on your certificate of insurance.

Complaints

If you have any cause to complain, or you feel that we have not kept our promise, please follow the procedures below.

1. For complaints relating to the administration or claims handling of this insurance, except life or terminal illness, please write to the administrator, Trent-Services, Trent Lodge, Stroud Road, Cirencester, Gloucestershire GL7 6JN, e-mail admin@trent-services.co.uk Telephone: 0845 408 0952. When you do this quote your policy number, which is on your certificate of insurance.

If after this action you are still not satisfied with the way a complaint has been dealt with, for disability or unemployment you should contact Customer Relations at Brit Insurance, 55 Bishopsgate, London, EC2N 3AS. Telephone 0207 984 8789; or

2. For complaints concerning Life or Terminal Illness cover you should contact Sagicor Life Lloyd's, 1 Great Tower Street, London. EC3M 7HA, Telephone: 0203 003 6800. In the event that you remain dissatisfied you can refer the matter to the Policyholder & Market Assistance Department at Lloyd's. The contact details are: Policyholder & Market Assistance, Lloyd's Market Services, Lloyd's, One Lime Street, London EC3M 7HA. Tel: 0207 327 5693, Fax: 0207 327 5225 E-mail: Complaints@Lloyds.com.

If you still remain dissatisfied after following the above procedures in full, you can ask the Financial Ombudsman Service to review your case. Their address is Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, Telephone 0845 080 1800.

Compensation

If we are unable to meet our obligations under this insurance, you may be entitled to compensation from the Financial Services Compensation Scheme, depending on the type of insurance and circumstances of claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information can be obtained from the Financial Services Compensation Scheme at 7th Floor Chambers, Portsoken Street, London, E1 8BN. Telephone 0207 892 7300.

Other Useful Information For complaints relating to the selling of this insurance please contact the sales agent from which this insurance was purchased. When you do this quote your policy number, which is on your certificate of insurance. We aim to provide a first-class service, to that end the following timescales apply to any complaints we may receive from you:

1. We will send you an initial acknowledgement within 5 business days of receiving a complaint.

2. We will send you a letter within four weeks of receiving a complaint; advising when the investigation into the complaint will be completed.

3.Within eight weeks of receiving a complaint we will send you a letter with our final response or a letter explaining why there is a delay and giving you the option to refer your complaint to the Ombudsman.
The Financial Ombudsman Service cannot consider your complaint if it is:

a) less than eight weeks after receipt of the complaint by the sales agent, administrator or us; or

b)more than six months after the date on which the sales agent, administrator or we provided our final response advising that you may refer your complaint to the Financial Ombudsman Service; or

c)more than six years after the event complained of or more than three years from the date on which you became aware that you had cause for complaint unless you have already referred the complaint to the sales agent, administrator or us.

4. A copy of both Sagicor Life at Lloyd's and Brit Insurance's complaints procedures are available on request from the insurers on their contact address.