Accidents occur, illness can strike you down, and in today’s economic climate redundancies are becoming more common and can seriously affect your income.
Payment Protection Insurance is designed to meet your loan repayments (excluding any arrears) for a specified period of time if you are forced out of work by any of the following:
- Involuntary Unemployment
- Critical Illness
Your major worries when borrowing are removed. Your loan repayments are made for you if you are off work due to accident, sickness, involuntary unemployment or critical illness for the following periods:
(up to 60 months/5 years)
(up to 12 months/1 year)
(up to 60 months/5 years)
(lump sum payment)
You can avail of Payment Protection Insurance if:
- You are aged 18 years or over
- You are aged 70 years or less (your policy will end on your 70th Birthday)
- You or your spouse are in full time employment (working 18 hours or more a week) prior to the start date of cover.
- PAYE or Self Employed paying PRSI
- You have applied and been accepted for a loan with Tralee Credit Union
- You are a permanent resident in Ireland
- You are not aware of any impending Incapacity or Critical Illness at the start of the policy
- You have not been notified of impending involuntary unemployment.
If you are a Contract Worker you must be working with the same Employer for at least 6 months and the contract renewed at least once. If your current contract is terminated prior to the expiry date you may be considered for Involuntary Unemployment.
If you are on an Annual Contract and are working with the same Employer for a specific number of years and your contract has been renewed at least once with at least 6 months remaining then you are eligible for Repayment Protection Insurance.
Breadwinner Clause (Earning Spouse/Partner)
If you do not work, you can attach the insurance cover to your earning spouse/partner. This is called the Breadwinner Clause. This means that if your earning spouse/partner is unable to work due to any of the insured events, you loan repayments will be met by the insurance cover.
Like most insurance contracts there are situations where the insurance company is unable to make payments. Here is a brief listing of some exclusions:
- Incapacity within 30 days of the start date
- Involuntary Unemployment within 90 days of the start date
- Critical Illness within 120 days of the start date
- Pre existing illness (any condition suffered in the twelve months before the start date you became unable to work)
- Prior knowledge of impending involuntary unemployment
- Voluntary redundancy
- Self inflicted injuries
- Alcohol/Drug related conditions
A complete listing of exclusions can be found in policy documents available at Tralee Credit Union.
Claim Forms are available at the back of your Payment Protection Insurance Policy and are available at Tralee Credit Union.
Please complete this form in accordance with the instructions carried within the policy document.
Once completed you can return your Claim Form to Tralee Credit Union who will submit the form to Assurant Solutions on your behalf.
All queries regarding claims are then handled directly by Cuna Mutual Group by phoning them on 1850 85 85 15
Cuna Mutual are the underwriters of Payment Protection Insurance.
There is a 42 day cooling off period with Payment Protection Insurance. Please ensure that you read the terms and conditions on your policy document and you are happy to avail of this cover.
The cover can be cancelled in the 42 day “cool –off” period with a full refund of the premium.
You can also cancel Payment Protection Insurance during the term of your loan with a refund calculated on the amount outstanding on the rest of your loan.