Loan Protection
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Loan Protection insurance, which is optional and not a condition of taking out the loan, may enable you to meet your monthly loan repayments in the event of your unemployment, accident or sickness. It may also provide you with critical illness cover, life cover and hospitalisation cover.
Our Loan Protection has been Awarded Five Stars for quality of cover by Defaqto, an independent financial research company. This rating is based on the features and benefits of our Loan Protection product. Defaqto uses a unique benchmarking system to score products for quality across a wide range of features and benefits, and then assigns a star rating to each product.
Your repayments could be met if you have to stop work because of an illness or accident.
Hospitalisation and critical illness cover
Support from career professionals
You can choose to include optional Loan Protection as part of your loan application. To find out how to apply for a loan, click ‘Apply’.
A quick guide to your Loan Protection Insurance*
For full terms and conditions of your Loan Protection Insurance, please refer to the Policy Document*.
Features & Benefits
Your level of cover:
- Unemployment cover
If you are unemployed for 15 consecutive days or more you could receive a monthly benefit equal to the monthly repayment under your loan agreement. Unemployment cover is subject to a maximum of 12 monthly benefit payments per claim. - Positive Job Solutions
Independent and confidential employment advice service to help you, or members of your family, get back to work quickly. - Disability through accident or illness cover
If you are employed and off work due to accident or sickness for 15 consecutive days or more you could claim a monthly benefit equal to the monthly repayment under your loan agreement. - Critical illness cover
If you are diagnosed as suffering with a specified critical illness you could claim a lump sum equal to the amount borrowed under your loan agreement less any arrears. - Hospitalisation cover
If you have to stay in hospital for 3 consecutive days we will pay £25, and £25 for each subsequent nights stay for the same condition. Up to a maximum of 365 nights per condition. - Life cover
If you die, life cover could provide a lump sum equal to the amount borrowed under your loan agreement less any arrears.
Our Loan Protection product has been Awarded Five Stars for quality of cover by Defaqto. This independent rating is based on the features and benefits of our Loan Protection product.
Defaqto is an independent financial research company that scores products for quality across a wide range of features and benefits using a unique benchmarking system called Product DNA. Defaqto then assigns a star rating to each product. The highest rating of 5 Stars is awarded to the top 10% of policies. Loan Protection was awarded a 5 Star rating in February 2007.
If your circumstances change
If your circumstances change during the term of your loan agreement, it may affect the benefits you are eligible for under your Loan Protection insurance policy. For example, if, while claiming you reach the age of 65, any unemployment or accident or sickness benefit payments will stop.
How do I apply?
You can only apply for optional Loan Protection insurance when you apply for your loan.
By phone
Call 0800 092 1290. Please remember to tell us that you want to include optional Loan Protection in your application.
Your local branch
Get an application form from your local branch, complete it and give it to one of our staff, along with proof of identity.
Online now
While applying online for your loan, make sure that you click on the ‘yes’ button to confirm you want to take out our optional Loan Protection.
A quick guide to your Loan Protection Insurance*
For full terms and conditions of your Loan Protection Insurance, please refer to the Policy Document*.
