Mortgage Protection
Clears or covers the mortgage if you die, become critically ill or cannot work.
Read more →Loan & Credit Protection
Payment Protection
Keeps loan repayments moving if illness, injury or redundancy stops your income.
What this cover does
Payment protection is tied to a specific borrowing commitment rather than your income generally. It pays the instalment — to the lender or to you — for a defined number of months while you are unable to work, keeping the account current and your credit file intact.
Typically included
- Monthly loan or credit repayments during a covered period
- Accident and sickness cover
- Involuntary unemployment cover, after a waiting period
- Benefit paid for a stated maximum number of months
- Cover for personal loans, car finance and credit agreements
Common add-ons
- Accident and sickness only, at lower cost
- Joint cover for two borrowers
- Back-to-day-one benefits after the waiting period
- Lump-sum settlement options
Questions
What people ask about payment protection
How is this different from disability cover?
Disability cover replaces a share of your income whatever you spend it on. Payment protection covers a specific instalment for a limited number of months. They are often used together.
When does it start paying?
After a deferred period, commonly 30 to 90 days. Some contracts then backdate to day one, which is worth more than a shorter deferred period with no backdating.
Often taken together
Related cover
GAP Insurance
Pays the shortfall between what the insurer settles and what you still owe.
Read more →Quote Payment Protection
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.