Payment Protection Plan for Asset Finance

This page is for information purposes only. Payment Protection Insurance is no longer available in conjunction with Asset Finance.

What's Covered?

Loss of Life

Clears the outstanding balance of the loan (less arrears, balloon payment or residual payment) at date of death, up to a maximum of €50,000.

There are no general or specific exclusions applicable to the loss of life benefit.

Critical Illness

Clears the outstanding balance of loan (less arrears, balloon payment or residual payment) at the date of diagnosis, up to a maximum of €50,000.

Critical illness is defined as cancer, coronary artery by-pass surgery, heart attack, kidney failure, major organ transplant, stroke or loss of a limb or sight diagnosed by a doctor.

Accident or Sickness

Pays one monthly benefit after 30 days, if you are unable to work due to an accident or sickness.

Monthly benefits continue for every complete 30 days until:

• You return to work; or
• Your loan ends; or
• Maximum of 60 monthly benefits are paid per claim, or
• policy end date

Involuntary Unemployment/Business Failure (if self-employed)

Pays one monthly benefit after 30 days, if you are made involuntarily unemployed

Monthly benefits continue for every complete 30 days until:

• You return to work; or
• Your loan ends; or
• Maximum of 12 monthly benefits are paid per claim, or
• policy end date

Eligibility

You are eligible to take out protection if, on the starting 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 final repayment date

For more information please refer to the Safeguarding Your Commitments Brochure

Important / Regulatory Wording

AIB Insurance Services Limited 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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