Payment Protection Insurance is a policy which covers the policyholder for the monthly installments on their credit contract in the event that they suffer from an insured event (outlined below). The policy cover options are specific to the policyholder’s source of income at the time entering into a Credit Contract. The benefits are payable directly to the financier. In the unfortunate event of death, PPI covers the outstanding balance on the loan.
The main risk with having finance is if something happens to your ability to earn money. PPI protects you, your family and your credit rating if the worst happens. With only a minimum stand down and generous cover for up to 60 months, PPI protection truly covers you for the unexpected at the time you will need it most.
ACC only pay to a maximum of 80% of your income – how would your household react to an instant 20% pay cut?
What Cover Options are Available?
SELF EMPLOYED COVER
Insured Events: Death, Accident, Illness, Business Interruption and Bankruptcy.
WAGE & SALARY EARNER COVER
Insured Events: Death, Accident, Illness, Bankruptcy and Redundancy
RETIREE & BENEFICIARY COVER
Insured Events: Death, Bankruptcy, Permanent Total Disablement, Hospitalisation and Bed Care.
What are the Benefits?
No medical examination required to purchase a policy
Pre-existing medical conditions covered if no treatment advice in 6 months prior to policy start date
Benefits are paid directly to your Financier in relation to your Credit Contract
Benefits continue until the end of your Credit Contract
Peace of mind for the unexpected
Low cost, once only premium
Protects household income for other purposes
Protects credit rating
In the event of death, family/estate does not have to deal with debt and possible repossession
Accident & Illness benefits paid from day 1 provided Accident & Illness > 7 days
Redundancy paid from day 1 provided redundancy > 30 days
Redundancy benefit of 12 months
10 day cooling off period
If you are interested in finding out more about the Payment Policy Insurance cover and how it can apply to your vehicle purchase, please contact our Business Manager on 03 377 7144 or via our contact form.
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