Loan Protection

Specialist cover for borrowers

Taking the worry out of borrowing

A loan can be an effective way of consolidating existing debts as well as funding an important purchase.

There are thousands of loans available and many consumers are now far more switched on as to what constitutes a good deal.

But, at the same time, the majority of borrowers fail to think about what would happen if they were unable to meet their repayments as a result of illness, accident or involuntary unemployment.

Assurant Solutions is highly experienced in providing specialist payment protection insurance (PPI) for those with personal loans, both secured and unsecured. When protected by our cover, borrowers can focus on managing their finances, secure in the knowledge that they have an effective safety net in place, should they lose their job or become incapacitated.

Assurant Solutions – your partner in payment protection insurance

The loans market is dynamic and competitive. You want to offer your customers the most appropriate loan for their needs – and you want them to be able to meet the repayments, no matter what happens in the future.

Payment protection insurance (PPI) can be an attractive revenue stream for loan providers. But, in today’s regulated market, it is essential that any recommended cover is suitable for the customer’s needs.

How payment protection insurance works

PPI for loans will either pay the outstanding balance or meet a customer’s payments on their loan for either 12 or 24 months. Assurant Solutions provides cover which is amongst the most comprehensive in the market and includes:

• Life - In the event of the policyholder’s death, we pay a lump sum benefit to clear the outstanding balance up to a maximum amount.
• Accident/Sickness - Payable if the policyholder has an accident and is incapacitated and unable to work for period of time.
• Unemployment - Benefit is paid if a job is lost involuntarily, for example through involuntary redundancy.
• Critical illness - We pay the outstanding balance to the lender following diagnosis of a serious disease - the list of eligible conditions is clearly specified on the policy document.
• Hospitalisation - We pay at least one monthly benefit if the policyholder is hospitalised for at least seven days. A monthly benefit can be paid after 30 days for up to 12 benefits in any one claim.
• Return to work benefit - If the policyholder returns to work on reduced hours, we will pay the difference of a percentage of a monthly salary before the claim and a new salary for a maximum of six months in any 12 month period.

By selecting Assurant Solutions, you will know your customers are in safe hands.

Eligibility

To obtain cover, the borrower needs to be between 18 and 65 and resident in the Republic of Ireland, with a loan agreement in place. They need to have worked in the Republic of Ireland for at least six months before the start date and to work for at least 18 hours a week. The self employed and contract workers may also be eligible for cover subject to specified circumstances.

Exclusions

We aim to make exclusions as clear as possible. Exclusions commonly consist of pre-existing or chronic health conditions, and voluntary unemployment. Because of the emphasis we place on flexibility, we can also look to tailor how exclusions will operate for each client.

A mutual goal – treating our customers fairly

We see regulation as an opportunity to grow your business. It does not restrict innovation but instead means that appropriate safeguards are in place for the customer.

You want customers to buy appropriate insurance and be eligible to claim if they need to – so do we. At Assurant Solutions we are committed to treating customers fairly.

If you want to offer your customers the option of quality payment protection insurance for loans, talk to Assurant Solutions and find out about the advantages we bring to our corporate partners and their customers.