Loan Payment Protection Plan

What's covered?

Optional Loan Payment Protection could be a simple way to cover your loan payments in case of accident, sickness or involuntary unemployment, with your balance cleared in the event of your death.

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 the 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

*  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.  

Benefit from extra assurance

• In the event that you can't work, your payment could be covered
• Get back to work quicker after redundancy with help from our 'Back to Work' Service, offering invaluable advice on CV's and interviews

This highlights what the Payment Protection insurance covers. You will be able to read the Policy Documentation when you apply using our online application.  

Cover may be limited or there may be specific exclusions if you: 

• Are self employed
• Are on a fixed-term contract
• Are on maternity or paternal leave
• Are currently off work sick
• Reach 65 years of age during the loan term
• Have not been in permanent employment for 6 continuous months
• Leave the UK to live abroad
• Retire early from work
• Voluntarily reduce your hours of work to less than 16 hours per week

• Certain pre-existing medical conditions

An unemployment claim can only be made:  

• If you have been in permanent paid employment for a minimum of 16 hours per week continuously for 6 months
• In the event of compulsory redundancy after the first 90 days