AIB Payment Protector for Personal/Personal Business Loans

There are some circumstances that you cannot plan ahead for, such as involuntary unemployment (business failure if self-employed), accident or sickness, critical illness or loss of life. At times like these the last thing that you need is financial worry - that is why AIB offer you payment protector insurance.

Our payment protection insurance is an optional product and is available on loans up to €60,000.

For just a little extra cost the repayments on your credit facility will be met in the event of the following.

Accident or Sickness

• Pays loan instalment plus AIB Payment Protector premium after 15 days off work
• Benefits continue for every further 30 days until:
  - you return to work or
  - loan ends or
  - max. of 60 monthly benefits paid per claim
  - the policy end date

Involuntary Unemployment/Business Failure

• Pays loan instalment plus AIB Payment Protector premium after 15 days involuntary unemployment
• Benefits continue for every further 30 days until:
  -you return to work or
  -loan ends or
  -max. of 12 monthly benefits paid per claim
  -the policy end date

Critical Illness

• 120% of the outstanding loan balance (less arrears) is paid at date of diagnosis of one of the following 7 specified illnesses, up to a maximum of EUR60,000 per policy
  
• 7 specified Illnesses
  -Coronary artery by-pass Surgery
  -Cancer
  -Heart Attack
  -Major Organ Transplant
  -Stroke
  -Kidney Failure
  -Loss of Limb/Sight

Loss of Life

• 120% of the outstanding loan balance (less arrears) is paid at date of death up to a maximum of EUR60,000 per policy

Who is eligible?

You are eligible if on the loan start date:

• You are over 18 years of age, 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 so continuously for at least the previous six months, and
  
• You are resident in the Republic of Ireland, Northern Ireland, or Great Britain (including Channel Islands and Isle of Man)and
• You will not have reached 65 years of age before the loan repayment date

For more information please refer to the Safeguarding Your Commitments Brochure

Important/Regulatory Wording

AIB Insurance Services Ltd is regulated by the Central Bank of Ireland. AIB Insurance Services Limited is a tied agent of London General Insurance Company Ltd and London General Life Company Ltd for Payment Protection Insurance.

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