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Credit Card Payment Protection Insurance

Credit Card Payment Protection Insurance allows you to cover the outstanding balances on as many of your credit cards up to a limit of £5000 to help meet your monthly repayments for up to 10 months per claim, if you become unable to work as a result of disability or unemployment.

Credit Card FAQs

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IMPORTANT !! Please check that you are eligible for this policy - refer to Section 1 of the Policy Terms & Conditions.
You should ensure that you are happy that the product is suitable for your needs.

Quick Summary

 

  • Who is the insurer?

    The insurer of this Credit Card Payment Protection policy is Tokio Marine Kiln Syndicates Limited.

  • What is Paymentcare Credit Card Protector?

    Depending upon the type and level of cover you have chosen, this policy can cover your Credit Card repayments for up to 10 months per claim, if you become unable to work as a result of Accident and Sickness or unemployment.

  • What are the features and benefits of Paymentcare Credit Card Protector?

    The cover is for Unemployment & Accident and Sickness with Accidental Death Benefit.

  • What is the maximum amount of cover I can have?

    The policy maximum is £5000 of your average outstanding monthly balance.

  • How long does the application process take?

    It's easy to apply online, simply ensure you are eligible to apply for cover and the make sure the policy suits your needs. Once we receive your submitted application it will be processed the next working day. If accepted by the insurer your documents are then posted to you the same day.

  • What am I NOT covered for under a Credit Card Insurance policy?

    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. If you select a level of cover that includes Involuntary Unemployment / Redundancy cover you need to be aware that all such policies have something called an Initial Exclusion Period (IEP), which means that you are not able to claim for Involuntary Unemployment, if it occurs within the IEP period (120 days from the policy start date in the case of this policy) or even if you are made aware of the possibility of Redundancy within that time. Full details can be found in the policy wording. We urge you to read through this document to ensure the policy is suitable for you.

  • How long does this Credit Card Protection Insurance 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.

  • 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.

    You should read the policy summary entitled: About Paymentcare Credit Card Protector – Credit Card & Payment Protection Insurance and the full policy wording is also available for you to download and read at your leisure. We offer our services on a non-advised basis, which means we will not make any recommendation to you about the suitability of the policies we offer. Please contact us by email or telephone if you have any questions or need an explanation on any aspect of the Credit Card & Payment Protection Insurance policy we offer, we are here to help you.

Eligibility Criteria

 

You can be covered under this Policy if on the Start Date:

  • You are taking out this Policy to insure Your Credit Card Payments; and
  • You are permanently resident in the United Kingdom; and
  • You are aged 18 or over at the Start Date and will not have passed the statutory retirement age before the Termination Date of cover; and
  • You are actively Working on the Start Date and when Your claim occurs, for no less than 16 hours each week; and
  • You have been continuously Employed for at least 6 months immediately prior to the Start Date of this Policy; and
  • Your place of Work is within the United Kingdom; and
  • You agree to abide by the terms and conditions of this Policy.

You cannot be covered under this Policy if on the Start Date:

  • You are not personally named on the Credit Card agreement; or
  • Prior to the commencement of this insurance You are aware of any impending Disability or Unemployment which may affect You or You are aware of any circumstances which may result in You becoming a full time Carer; or
  • You are in casual, temporary or seasonal Employment.

Cover Transfer

 

Can I transfer cover from another Credit Card Protection Insurance provider?

We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.

Credit Card FAQs

What is Credit Card Protection Insurance?

Paymentcare Credit Card Protector is designed to ensure that your Credit Card repayments are taken care of each month in the event that you are off work as a result of an Accident, Sickness (disability) or involuntary Unemployment / involuntary redundancy.

Why would I need Credit Card Protection Insurance?

If you were off work through a serious accident or for a period of sickness how would you make your monthly repayments? What if it was announced that you were to be made unemployed as a result of involuntary redundancy? Would you have enough savings to keep making your repayments?

Can I transfer an existing Credit Card Protection policy to Paymentcare?

If you have an existing policy with your credit card provider, you can apply to transfer your cover to Paymentcare if you feel the policy we offer meets your demands and needs and you meet the eligibility requirements.

What is the difference between Credit Card Protection and Short term Income Protection?

Credit Card Protection is specifically to cover your credit card repayments, whereas short term income protection is not linked to any specific credit agreement.

How do I pay for my Credit Card Protection Policy?

Your premiums are collected monthly by Direct Debit. You choose a day that the premiums are to be collected monthly from your account.

What does Credit Card Protection Insurance cover?

Credit Card Protection Insurance is an insurance policy that protects your monthly Credit Card repayments in the event of an accident, sickness (disability) or involuntary unemployment such as redundancy. The policy will have a maximum benefit limit and also cannot exceed 50% of your gross monthly income in terms of benefit levels.

How does the Credit Card Protector Insurance policy work?

You select the level of cover that is closest to your average outstanding monthly balance. The reason for this is because only you and your credit card provider will know your actual outstanding balance from month to month. e.g. if you select an average outstanding balance of £3,000 and submit a valid claim the policy would pay 10% of your selected cover amount for a maximum of ten months £300 x 10 months = £3,000 cover amount.

How long will the Credit Card Protection policy pay out for if I make a claim?

The maximum number of monthly benefit payments for our Credit Card Protection policy is 10 monthly payments in any one claim period. You are able to submit more eligible claims once you have returned to work for the re-qualification period of 90 days.

Am I eligible to apply for Credit Card Protection Insurance?

To apply for Credit Card Protection Insurance you need to be Over 18 and not yet reached your state retirement age, you must be a UK resident and in permanent employment (16 hours or more per week) and have been so for the previous 6 months continuously.

I'm self-employed can I apply for Credit Card Protection Insurance?

Yes as long as you meet the eligibility criteria. Just like employed people you will need to provide a copy of a sick note if you are making a claim on the Accident and Sickness (disability) element of cover. There are limited circumstances in which a self employed person could make a valid claim from involuntary unemployment - YOU MUST CHECK THE POLICY WORDING CAREFULLY, IT IS YOUR RESPONSIBILITY TO ENSURE THE POLICY MEETS YOUR DEMANDS & NEEDS - WE DO NOT PROVIDE ANY ADVICE AS TO THE SUITABILITY OF ANY OF THE POLICIES WE OFFER.

I am a contract worker, can I apply for Credit Card Protection Insurance?

You may be eligible to apply for Credit Card Protection Insurance; however, there are specific terms that apply for claiming unemployment benefits under the policy. We detail them here for ease of reference but you should read the full policy wording.
Contract Employment:
a) if You have been Employed on a renewable Fixed Term Contract of at least 13 consecutive weeks with the same employer for more than 2 consecutive years or on an annual contract which has been renewed then You will be insured if You are made Unemployed.
b) if You have been Employed on a renewable Fixed Term Contract of at least 13 consecutive weeks with the same employer but for less than 2 years then You will be insured if You are made Unemployed during the term of Your contract. You will not be insured against the non-renewal of Your contract and any entitlement to Monthly Benefit under this Policy will automatically cease on the date Your contract was originally intended to terminate.

There's a possibility that I may be made redundant within a few months of applying for a policy. Can I still apply?

You will not be able to claim for any period of unemployment for which you were aware of at the start date of this policy or which occurs within the initial exclusion period.
The following rules apply:
You are made aware by any means, before the start date or within the Initial Exclusion Period, of anything that might lead to your unemployment, not withstanding that no specific reference has been made to your personal situation and that your unemployment may not take place until after the Initial Exclusion Period.
Further details can be found in the POLICY WORDING.

I already have a medical condition; can I claim for this?

This would be classed as a pre-existing medical condition and therefore you would not be able to claim for it if you have received treatment for the condition during the 12 months immediately prior to the start date of your policy. This exclusion is waived if you have been symptom and treatment free and have not had cause for medical consultation for the condition for a period of no less than 24 months before the start date of any claim.

Can I claim for back related injuries or conditions?

Yes as long as there is radiological evidence of medical abnormality, visible wound, contusion, or a consultant certifies that the condition solely prevents you from working.

Can I claim for stress, anxiety, depression or any mental or nervous disorders?

Yes as long as a consultant certifies that the condition solely prevents you from working.

How will my claim be paid?

All valid claims are paid directly into the bank account that we collect your Direct Debit from.

What evidence will I be asked to provide in the event of a claim?

For Accident and Sickness (Disability) claims: In addition to completing a claim form you will need to be signed as unfit for work by a doctor and provide regular evidence to that effect.
For Unemployment claims: In addition to completing a claim form you will be asked to provide proof of your income such as bank statements and/or accounts and/or tax returns together with P60's and regular evidence that you are actively seeking employment, such as: Evidence of your search for new employment (e.g. letters or emails) from, or to, prospective employers. These must relate to the most recent period of your claim.
When your claim at the Jobcentre Plus comes to an end, you will be asked to supply a copy of the P45 that is issued to you at that time. You will also need to supply a copy of the letter that will be issued to you by the Jobcentre Plus confirming the end of your benefit claim.

How do I cancel my Credit Card Protection policy?

You can cancel your policy at any time by writing to us. If you cancel within the first 30 days of the start date we will refund any premium you may have paid. No refund of premium is paid after this period.