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We strongly recommend insurance protection
is taken out with your loan for at least the main wage earner.
Insurance cover for the main wage earner, or for both applicants
are shown on the repayment
charts
Adding the payment protection insurance to your
loan gives you peace of mind should any unforseen circumstances
happen, sickness, accident or being made redundant your financial
commitments are protected. No medical examination is required
as long as your aged between 18 - 60 you will be automatically
accepted. The insurance is only available up to the age of
65, whereupon the cover will automatically cease.
Benefit is paid when you have been unable to
work due to sickness or accident for more than thirty consecutive
working days. Your monthly payments will be met by the protection
insurance, until you are well enough to return to work, or
up to a maximun of twenty-four payments will be paid
in any one claim have been met by the insurance company.
Redundancy protection covers you where you have
worked for thirty consecutive days or more before being made
unemployed. Your monthly repayments will be paid until you
return to work a maximun of twelve months within any
one period of unemployment.
Benefit will not be paid if redundancy is voluntary.
Self-employed or not in full time employment
are not eligble for redundancy protection.
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