Ensuring you have adequate provision in place to protect your financial commitments is always an important consideration. Ocean Protection (which is part of the Ocean Finance & Mortgages Limited group) deal specifically with insurance products. With your agreement (and subject to certain eligibility criteria) one of their specialist sales team can provide you with no obligation information and a quotation for payment protection insurance cover. If this is of interest they will contact you to explain things fully before you decide whether or not you would like to proceed with a policy from them.
Am I eligible for cover?
To be eligible for cover you must be;
- Permanently resident within the United Kingdom;
- Aged over 18 and under 64 when cover commences;
- Working (either on an employed or self employed basis) for a minimum of 16 hours per week and you must have done so continuously for the last six months;
- Not aware of any impending unemployment (or, if you are self employed, any impending failure of your business).
What cover is available?
The policies which we have available can provide you with a monthly benefit to cover the repayments on your loan (and, if you choose, certain other monthly outgoings) if you are unable to work for a prolonged period due to an accident, sickness or due to involuntary unemployment*. The monthly benefit would also be payable if you have to give up work to become a carer for a relative. The policy is also designed to pay a lump sum (up to a maximum of £50,000 or the equivalent of the outstanding balance of your loan, whichever is the less) on death.
If your loan is in joint names we may be able to arrange a policy to cover both of you or, if you choose, just one of you.
*If you are self employed then the policy will pay a monthly benefit if you are unable to work for a prolonged period due to an accident or sickness or if your business has totally and permanently ceased to trade as a direct result of it being unable to pay its debts.
What is not covered?
As with all insurance products the policy will contain certain exclusions. Generally policies will not provide any cover for “pre-existing medical conditions” (that is an injury or an illness which you have consulted your doctor about within the last 12 months or an injury or an illness which you have already been diagnosed with, are receiving treatment for, or for which you are awaiting diagnosis). The policy will also exclude anything which you are already aware of at the time when cover commences (for example if you knew that you were about to be made redundant or if you knew your business was about to cease trading).
How much will the policy cost?
The monthly cost of the Loan Payment Protection Insurance is £9.95 per £100 of monthly benefit. Your total premium will depend on the amount of cover you have requested.
What if I want to arrange a policy?
When we contact you to discuss your loan offer we will ask if you are interested in protecting the repayments on your loan. If you are, then we can arrange to send you a no obligation quotation for cover (the cost of which will normally be based upon your monthly loan repayment) along with a copy of the Policy Summary. It is extremely important that you read the Policy Summary as this will provide you with more information about the cover including further details about it benefits and exclusions.
Shortly before your loan completes one of the Ocean Protection team will contact you to discuss the insurance cover. They will check that you are eligible for cover and will be able to answer any queries you have. If, at this stage, you decide you want to proceed with a policy, they will arrange for the policy to commence on the day on which your loan completes.
What if I no longer require cover?
You can cancel your policy at any time. Full details about your rights to cancel the insurance cover will be included within the paperwork which we will send to you. It is important that you read this and all of the other information which we send to you before the end of the cancellation period (which will normally be thirty days from when your policy commences).
Important Information
This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at
www.moneyadviceservice.org.uk
OUR TYPICAL, VARIABLE RATE IS 17.9% APR. MOST PEOPLE WILL RECEIVE A LOWER RATE THAN THIS.
RATES RANGE FROM JUST 9.7% to 29.9% APR.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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