Protection Insurance

What does Payment Protection Insurance do?         

Payment Protection Insurance protects a borrower´s ability to maintain repayments and helps them avoid getting into debt should they be unable to keep up their repayments due to Accident, Sickness (Disability) or Involuntary Unemployment.           

Policies are available to protect most forms of personal credit, including personal loans and mortgage repayments. Cover is often purchased at the time the finance arrangement is made, but is also available at a later date or can be taken out as a stand–alone policy which will be much cheaper.

Short Term Income Protection Insurance                              

Short Term Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness (Disability) and Involuntary Unemployment.           

Simply choose the type of cover you require:

Paymentcare : Provider of Independent Payment Protection Insurance UK ASU - Accident, Sickness (Disability) & Unemployment - up to 12 Months benefit per claim - paid after a 30 day waiting period on a back to day one basis.

Independent Mortgage Payment Protection Insurance Provider UK AS - Accident & Sickness (Disability) only - up to 12 Months benefit per claim - paid after a 30 day waiting period on a back to day one basis.

 Monthly premiums for full ASU are only £4.40 per £100 of monthly cover. click here for a QuickQuote.

Mortgage broker Paymentcare is calling for an end to single premium mortgage payment protection insurance (MPPI) policies, claiming they are ‘never in the client’s best interest’ owing to the interest accrued. Managing director, Shane Craig, said that many consumers had confessed to wanting mortgage protection in the past, but were deterred from taking it because they thought they wouldn’t be able to afford it.

However, he added that Paymentcare was convinced people were not being fully informed of the options available, stating that nobody would then ’select a single premium policy over and above a monthly paid alternative’.With single premium products, ‘borrowers are sold a limited period of cover, usually five years, yet they pay for this over the whole term of their mortgage!’ he said.

The firm pursued the matter with the Office of Fair Trading (OFT) in September last year, but was informed that the Department of Trade and Industry (DTI) had not yet decided to investigate the matter. PPI is an optional form of insurance for mortgages or personal loans, covering the borrower in certain situations where they may be unable to keep up with loan repayments, including accidents or loss of work.

To read more about mortgage resources

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

Cover for Accident, Sickness (Disability), Involuntary Unemployment, Hospitalisation or Carer Cover in respect of your mortgage repayments and other regular monthly commitments:

Mortgage Protection: Cover available via this mortgage payment protection insurance policy is for the amount of the monthly mortgage repayment plus up to an additional 25% for other monthly commitments.

Mortgage Protection UK: Maximum mortgage payment protection benefit available via this mortgage payment protection insurance policy is £1500 per month or 75% of your normal monthly income, whichever is the lesser for Accident, Sickness (Disability) or Unemployment.

Mortgage Insurance: Maximum mortgage payment protection Benefit Period via this mortgage payment protection insurance policy is 12 months in any one claim period.

Mortgage Insurance UK: The first month’s mortgage payment protection benefit is paid after 30 days, back dated to Day One.

Mortgage Protection Insurance: All mortgage payment protection claims for Accident, Sickness (Disability) and Involuntary Unemployment paid via this mortgage payment protection insurance policy on a daily basis, monthly in arrears

Mortgage Protection Insurance UK: Two months Carer benefit paid via this mortgage payment protection insurance policy after 60 days and then on a daily basis monthly in arrears.

Mortgage Protection Cover: One months Hospitalisation benefit paid via this mortgage payment protection insurance policy after 7 days and then on a daily basis monthly in arrears from day 30.

Mortgage Protection Cover UK: There is a 3 month re-qualification period after each claim.

The need for Credit Card Payment Protection Insurance           

No one knows what the future will hold and if you become unemployed or need to look after a partner, spouse, parent or child full time or you were disabled due to an accident or sickness (Disability) you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive a small percentage of their normal income.

Some facts about credit card protection cover

 Cover in respect of your average monthly outstanding credit card balance(s):

Credit Card Protection —Minimum average monthly outstanding balance cover available is £1000.

Credit Card Protection —Maximum average monthly outstanding balance cover available is £10000 in total.

Credit Card Protection UK —10% of the selected average monthly outstanding balance cover is paid for up to a maximum of 12 months per claim.

Credit Card Payment Protection — One monthly benefit payable after 7 days hospitalisation and thereafter on a daily basis, monthly in arrears.

Credit Card Payment Protection UK — One monthly benefit payable after 14 days Accident & Sickness (Disability) and thereafter on a daily basis from day 31, monthly in arrears.

Credit Card Protection Insurance- — One monthly benefit payable after 30 days Unemployment and thereafter on a daily basis, monthly in arrears.

Credit Card Protection Insurance UK —Two months Carer benefit paid via this credit card payment protection insurance policy after 60 days and then on a daily basis monthly in arrears.

Credit Card Payment Protection Insurance — Life and Terminal Illness benefit paid on death or diagnosis of a Terminal Illness.

Credit Card Payment Protection Insurance —There is a 3 month re-qualification period after each claim.

This Credit card payment protection insurance provides protection in the event of Accident & Sickness (Disability), Involuntary Unemployment, Carer, Death, Terminal Illness and Hospitalisation.

 

January is a good opportunity to compare credit cards and take advantage of zero per cent interest offers, it has been claimed.

According to Paymentcare.co.uk, which provides independent payment protection insurance (PPI), over-burdened borrowers could benefit from a wealth of offers during this period.

However, consumers are also being warned that purchasing PPI from the same company which supplied the credit card can often cost more than it might from an independent provider.

And choosing a highly-priced PPI plan could counteract the benefits of a zero per cent credit card, maintains Paymentcare.co.uk.

In related news, the Financial Services Authority recently announced its plans to improve PPI sales standards.

It intends to ensure that consumers are informed fully and clearly about the optional cover, while being recommended a policy that is appropriate to their circumstances.

Customers should come away from the sale having been given the best possible chance of understanding that PPI is almost always optional," remarked Clive Briault, the FSA’s managing director of retail markets.

What is Paymentcare Credit Card Protector?
A policy that allows you to cover the outstanding balances on as many of your credit cards up to a limit of £10000 to help meet your monthly repayments for up to 12 months if you become unable to work as a result of disability or unemployment. This policy provides a lump sum payment in the event of your death or diagnosis of a terminal illness.

What are the features and benefits of Paymentcare Credit Card Protector?
This policy provides the following type of cover:

• Life, Terminal Illness, Unemployment & Accident, Sickness (Disability)
• The minimum insured amount that you can protect is £1000.
• The maximum insured amount that you can protect is £10000.

Paymentcare Limited specialises in the provision of Insurance cover for Loan Payment Protection Insurance (PPI); Income Payment Protection Insurance (IP); Credit Card Payment Protection Insurance and Mortgage Payment Protection Insurance (MPPI)  protecting you against Accident, Sickness (Disability) and Involuntary Unemployment.
 

Cover for Accident, Sickness (Disability) and Involuntary Unemployment in respect of your regular monthly income:

Income Payment Protection:  Maximum income payment protection benefit available via this income payment protection insurance policy is £1000 or 50% of your normal monthly income, whichever is the lesser for Accident, Sickness (Disability) or Unemployment.

Income Payment Protection UK: Maximum income payment protection Benefit Period via this income payment protection insurance policy – 12 months.

Income Protection Insurance: The first month’s income payment protection benefit is paid after 30 days, back dated to Day One.

Income Protection Insurance UK: All income payment protection claims for Accident, Sickness (Disability) and Involuntary Unemployment paid via this income payment protection insurance policy on a daily basis, monthly in arrears.

Income Payment Protection Insurance: Two months Carer benefit paid via this income payment protection insurance policy after 60 days and then on a daily basis,monthly in arrears.

Income Payment Protection Insurance UK: One months Hospitalisation benefit paid via this income payment protection insurance policy after 7 days and thereafter on a daily basis monthly in arrears from day 30.

Income Payment Insurance Cover: There is a 3 month re-qualification period after each claim.

Income payment protection insurance provides protection in the event of Carer, Hospitalisation, Accident, Sickness (Disability) and Involuntary Unemployment.

The need for Loan Payment Protection Insurance
No one knows what the future will hold and if you become unemployed or need to look after a partner, spouse, parent or child full time or you were disabled due to an accident or sickness (Disability) you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive a small percentage of their normal income.
Loan payment protection insurance can provide protection in the event of Death, Terminal Illness, Carer, Hospitalisation, Accident & Sickness (Disability) and Involuntary Unemployment.
Some facts about loan protection cover
Cover for Accident, Sickness (Disability), Involuntary Unemployment, Hospitalisations or Career Cover in respect of your loan repayments and other regular monthly commitments:
Loan Protection - Cover available via this loan payment protection insurance policy is for the amount of your monthly loan repayments plus up to an additional 100% for other monthly commitments.
Loan Protection UK - Maximum loan payment protection benefit available via this loan payment protection insurance policy is £2500 per month or 75% of your normal monthly income, whichever is the lesser for Accident, Sickness (Disability) or Unemployment.
Loan Payment Protection - Maximum loan payment protection Benefit Period via this loan payment protection insurance policy is 12 months in any one claim period.
Loan Payment Protection UK - The first month’s loan payment protection benefit is paid after 30 days, back dated to Day One.
Loan Protection Insurance - All loan payment protection claims for Accident, Sickness (Disability) and Involuntary Unemployment paid via this loan payment protection insurance policy on a daily basis, monthly in arrears.
Loan Protection Insurance UK - Two months Carer benefit paid via this loan payment protection insurance policy after 60 days and then on a daily basis monthly in arrears.
Loan Payment Protection Insurance One months Hospitalisation benefit paid via this loan payment protection insurance policy after 7 days and thereafter on a daily basis monthly in arrears from day 30.
Loan Payment Protection Insurance UK - If you select the LASU cover option of this loan payment protection insurance policy this benefit provides cover up to the limit you have chosen (either £30K or £60K) or the outstanding balance of your loan agreement (excluding any arrears) whichever is the lesser amount in the event of your death or diagnosis of a terminal illness.
Loan Payment Insurance - There is a 3 month re-qualification period after each claim.