When you take out any unsecured loan you're legally obliged to meet all the repayments. And while you may think it'll never happen to you - the fact is it all too easily could.
Luckily, there is an easy way you can protect yourself - our range of Loan Payment Protection policies may help make sure that if you can't work because of accident, sickness or unemployment those repayments could still be met.
In relation to a joint loan application, Loan Payment Protection is only available for the first named applicant.
What does it cover?
That's up to you. Because no two people have the same circumstances or attitudes to risk, we have a range of 3 policies. You simply choose the level of cover you're comfortable with.
1. TotalCover
 Life cover
Major Illness
Accidental injury
18 months Accident/Sickness cover
Hospitalisation cover
18 months Unemployment cover
Back to Work and Medical Helplines
10% no-claim cashback
2. CoverPlus
Life cover
Major Illness
Accidental injury
12 months Accident/Sickness cover
Hospitalisation cover
12 months Unemployment cover
3. CoreCover
Life cover
Major Illness
Accidental injury
12 months Accident/Sickness cover
Hospitalisation cover
You'd be surprised at what life can throw at you and it always pays to be covered...
- In 2003-04 an estimated 39 million working days were lost overall due to work-related ill health and workplace injury. (Source Health & Safety Executive 2003/4)
- There were 235 fatal injuries to workers in 2003 - 2004. (Source Health & Safety Executive 2003/4).
- There are 1.6 million work place injuries every year. (Source – Royal Society for the Prevention of Accidents 2004)
* Health and Safety Statistics Highlights 2002/2003
** National Statistics 2004
How much will it cost?
For the peace of mind offered it’s a lot less than you might think. A typical Direct Loan example, for a loan of £10,000 over the 5 years with 60 monthly payments of:
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Typical APR (from £7,500 to £14,999)
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Monthly Repayment With CoverPlus LPP
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Monthly Repayment Without LPP
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Montly Cost of CoverPlus LPP
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Total Repayment With CoverPlus LPP
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Total Repayment Without CoverPlus LPP
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7.7%
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£252.86
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£200.27
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£52.59
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£15,171.60
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£12,016.20
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So, for a reasonable increase to your monthly repayment you can protect your repayments. And like all our loans - it’s fixed no matter what happens to interest rates. Repayments with Loan Payment Protection include Insurance Premium Tax and interest is payable on the LPP premium.
As with all insurance policies, there are some exclusion & eligibility criteria. See important information for more details.
Am I eligible?
Providing you work at least 16 hours a week you're eligible - whether, employed, self-employed (or a contract worker), full or part-time. If you are retired or aged over 72, other benefits apply. Please read the policy document carefully to ensure you are eligible or call for details on 0845 301 1657.
How do I claim?
Just call our helpline on 0845 246 8335, which is open 9am-5pm, Monday-Friday. The team will answer any questions you may have and tell you what needs to happen next. They'll also send out a formal claim form right away.
 Can't open the policy document?
Then download Adobe Reader from the Adobe website or visit Access Adobe for help with reading PDF's.
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