AIB Payment Protector - Important Information
AIB Payment Protector - Personal and Personal Business Loans
Policy Summary.
The following is a Summary of Cover relating to AIB Payment Protector provided by AIB Insurance Services Limited as an agent for the insurers, London General Life Company Limited and London General Insurance Company Limited (hereinafter referred to as we/us/our). A copy of the full terms and conditions in the policy booklet will be provided to you with your finance agreement documents and is also available upon request.
How do you apply for AIB Payment Protector?
AIB Payment Protector is only available when applying for a new or increased limit on a personal or personal business loan.
Are you eligible for cover?
The protection is available if on the Policy starting date:
- you are over 18 years old and will not have reached 65 years of age before the loan repayment date, and
- you are working (employed or self-employed) in the Republic of Ireland, Northern Ireland, or Great Britain (including Channel Islands and Isle of Man) for not less than 70 hours per month and have been continuously for the previous 6 months, and
- you are resident in the Republic of Ireland, Northern Ireland, or Great Britain (including Channel Islands and Isle of Man).
If you are a contract worker or self-employed please see the special note at the end of the main benefits section.
Please Note:
If, during the term of the Policy, your circumstances change, for example employment status (due to retirement or less than 70 hours being worked per month) or residency, this may affect your right to claim under the Policy.
Main Benefits.
Life Benefit
- In the event of your death we will pay 120% of the outstanding balance (excluding arrears) at the date of death, subject to a maximum payment of EUR60,000.
On settlement of a loss of life claim, all cover provided by the Policy terminates.
Critical Illness Benefit
- If you suffer a critical illness (cancer, coronary artery by-pass surgery, heart attack, kidney failure, major organ transplant, stroke or loss of a limb or sight) diagnosed more than 30 days after the Policy start date we will pay 120% of the outstanding balance (excluding arrears) at the date of diagnosis, subject to a maximum payment of EUR60,000.
On settlement of a critical illness claim, all cover provided by the Policy terminates.
Accident or Sickness & Involuntary Unemployment Benefit
If you are off work through accident or sickness or are involuntarily unemployed (business failure if self-employed) for at least 15 consecutive days we will pay a monthly benefit and the relevant premium payment, subject to a maximum payment of €4,000. We will continue to pay a monthly benefit and the relevant premium payment for each further consecutive 30 days off work/involuntarily unemployed until the first of the following occur:
- you are able to return to work;
- we have made 60 monthly payments for accident or sickness or 12 monthly payments for involuntary unemployment;
- the Policy end date is reached.
Special Note:
If you are a contract worker you are entitled to claim benefit under the involuntary unemployment section but payments will be limited to the natural expiry of your fixed term contract unless you meet the criteria below:
1.You have worked continuously for the same employer for at least 24 months; or
2.You have been on a single contract for at least 12 months and had that contract renewed at least once; or
3.You were originally employed on a permanent basis by the same employer but were transferred to a fixed-term contract by your employer without a break in employment.
In all cases benefit will be subject to the policy limits of a maximum of 12 monthly payments per claim.
If you are self-employed please note the following:
1.A condition will only be acceptable as disability if it stops you from assisting, managing, and/or carrying on any part of the running of your business whatsoever.
2.In order to qualify for involuntary unemployment benefit your business must have ceased trading. You will need to provide evidence of your business failure to us.
Main Exclusions- What isn’t covered
Life Exclusions
- There are no general or specific exclusions applicable to loss of life benefit.
Critical Illness Exclusions
- If your critical illness results directly or indirectly from a pre-existing medical condition, as defined in the terms and conditions within your Policy Booklet;
- If your critical illness is diagnosed within 30 days after the Policy start date.
Accident or Sickness Exclusions
If your accident or sickness results directly or indirectly from
- a pre-existing medical condition, as defined in the Policy terms and conditions;
- Stress or any nervous, psychiatric, or mental disorder after 3 months, unless specialist care and attention is being received;
- backache after 3 months, unless specialist medical evidence is provided.
Involuntary Unemployment Exclusions
For involuntary unemployment:
- if it starts within 30 days of the Policy start date;
- unless your involuntary unemployment is immediately preceded by 6 months continuous employment or self-employment;
- if known to you at the Policy start date;
- if it is brought about by the expiry of a fixed-term contract, unless certain conditions are met.
- If it is as a result of your wilful misconduct, dishonesty or fraud.
A full list of exclusions is contained within the Policy Booklet under SECTION 3. PAYMENT PROTECTOR BENEFITS AND EXCLUSIONS.
Policy Duration.
This insurance will start on the agreed drawdown date of your loan, as outlined in your loan agreement, or the date your loan is drawn down if later which can be up to 30 days after the agreed drawdown date. Cover will run for the duration of your loan agreement, subject to a maximum of 10 years, and subject to the Policy terms. Your cover will cease immediately when you reach the age of 65, or we pay a claim under life or critical illness benefit.
Policy Price.
Your AIB Payment Protector premium shall be due at the same time and interval as your loan repayments. The premium, including Insurance Premium Tax, is detailed on your loan agreement and is calculated as a percentage of your loan repayment. If you select joint cover, premium is payable per insured person. Each customer will be given a custom-made quotation. For futher information contact your local branch.
The Companies.
AIB Insurance Services Limited: AIB Payment Protector is arranged by AIB Insurance Services Ltd, whose registered office is located at Bankcentre, Ballsbridge, Dublin 4. Registered in Ireland, Number 130581. VAT Number: IE8E86432H. AIB Insurance Services Limited is a wholly owned subsidiary of Allied Irish Banks p.l.c. AIB Insurance Services Limited is regulated by the Central Bank of Ireland.
The Insurers: The insurers are London General Life Company Limited, Irish Branch, registered number E904994 and London General Insurance Company Limited, Irish Branch, registered number E904436. These are both private companies limited by shares and incorporated in Ireland whose head and registered offices are at Fitzwilliam Business Centre, 77 Sir John Rogerson’s Quay, Dublin 2. The Insurers are authorised and regulated by the Central Bank of Ireland.
General.
- Law Applicable: Unless specifically agreed to the contrary prior to Policy inception, this Policy shall be subject to Irish Law.
- Claims: In the event that you need to make a claim you should telephone the AIB Payment Protector team on 1850 200 650.
- Customer Care: If you have cause for complaint you should in the first instance write to The Manager, AIB Insurance Services Limited, AIB Bankcentre, Ballsbridge, Dublin 4. Complaints may be referred to the Insurers at their address above. If you are unhappy with the response you may refer your complaint to the Financial Services Ombudsman Bureau at 3rd Floor Lincoln House, Lincoln Place, Dublin 2. Phone 1890 88 20 90 or 01 662 0899. None of the above affects any right of action you may have.
- Cancellation: You may cancel this cover within 30 days of the Policy start date with a full refund of any premiums paid, although if a claim has been paid under the Policy during this period the Insurer may recover any costs incurred. If you cancel after such 30 day period, as premiums are collected in arrears, no refund of premium will be due. Cancellation requests should be put in writing to your local AIB branch and signed by all relevant parties requesting cancellation of their Policy.
- Language: This Policy is written in English and all correspondence entered into shall be in English.
- Special needs: All our literature is available in large print, audio and Braille - we will be happy to supply you with a copy. You can call us on 1800 635 002 or text telephone us on 1800 635 003.
- Important Note: The document is for summary purposes only and intended as a quick reference guide. For full terms and conditions and a full list of exclusions you will be provided with a policy booklet.
Important/Regulatory Wording
AIB Insurance Services Ltd. is regulated by the Central Bank of Ireland.