Payment Protection Plan for Car Finance - Hire Purchase and Lease

There are some circumstances that you cannot plan ahead for, such as accident, illness, involuntary unemployment or death. At times like these the last thing that you need is financial worry - for just a little extra cost AIB can offer you an optional Payment Protection Plan. You can choose from 3 levels depending on your individual needs:

Level 1: Life & Critical Illness Cover
Level 2: Life & Critical Illness, Accident and Sickness Cover
Level 3: Life & Critical Illness, Accident, Sickness and Involuntary Unemployment Cover

Eligibility

You are eligible to take out protection if, on the starting date you are:

• Over 18 years old, and under 65; and
• 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 for the previous 6 months, and
• Actively at work and not absent due to accident or sickness*, and
• Resident in Northern Ireland, Great Britain (including Channel Islands and Isle of Man)or the Republic of Ireland.

* if you are unable to work due to accident or sickness your cover in respect of involuntary unemployment and disability will start when you resume work.

If during the term of the policy, the insured person's circumstances change, for example:

• their employment status
• or residency

This may affect the insured person's right to claim. The insured person should contact TWG Services Limited (previously known as London General Holdings Limited) immediately in this event.

Important notice

Terms and conditions apply.

AIB strongly recommends that before purchasing this product that you read the AIB Payment Protection Finance and Leasing Evidence of cover which can be found in the Legal Notice section.
There are circumstances set out in the Principal Benefits section below that may mean that you will be unable to claim benefit for health conditions of which you are aware of on the starting date, or for which you have received treatment in the past 12 months. Please read this section of the summary carefully as it may affect your decision.

AIB Finance and Leasing Payment Protection Plan Summary of Cover

Life, Critical Illness, Disability (Accident and Sickness) and Involuntary Unemployment Insurance Policy

The following is a summary of cover relating to Credit Protection Insurance provided by AIB Insurance Services Limited as an agent for the underwriters, London General Life Company Limited, and London General Insurance Company Limited, (hereinafter referred to as we/us/our)

Principal Benefits

Life Benefit

Pays the outstanding balance of the loan (less arrears) at date of death.

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

Critical Illness Benefit

Pays the outstanding balance of loan (less arrears) at date of diagnosis.

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.

Main Exclusions for Critical Illness Benefit
No benefit will be payable if your critical illness is diagnosed within 30 days of the start of your loan agreement. Or at any time if it results directly or indirectly from:

• deliberately self-inflicted injury or illness;
• any condition which is existing or which you knew about at the starting date, or of which you were exhibiting the symptoms whether specifically diagnosed or not or for which you were receiving medical treatment or advice during the 12 months preceding the starting date, unless you have been symptom free and have not consulted a doctor or received treatment for the condition in the 24 months preceding your claim;
• any chronic condition which is existing or which you knew about at the starting date, or of which you were exhibiting the symptoms whether specifically diagnosed or not or for which you were receiving medical treatment or advice during the 12 months preceding the starting date;
• H.I.V. (Human Immunodeficiency Virus) and/or any H.I.V. related illness including A.I.D.S. (Acquired Immune Deficiency Syndrome).

Please Note: Information on your state of health or medical history will not be required prior to you taking out this insurance. However, your medical history may be asked for, and analysed, as part of any claim on this policy.

Accident and Sickness (Disability) Benefit

If you are unable to work due to an accident or sickness (disability)after the start date of your loan agreement and before the end date, for at least 30 consecutive days, subject to the Policy terms, we will pay a monthly payment. We will continue to pay a monthly payment in respect of each full month after that, during which you are continuously disabled, until the first of the following occur:

• you cease to be disabled or fail to provide proof to us of your disability;
• we have made 60 monthly payments in respect of any one event of disability;
• the end date.

Main Exclusions for Disability Benefit

We will not pay any disability benefits if your disability results directly or indirectly from:

• any psychiatric illness, mental or nervous disorder, unless it is due to organic mental disease or psychosis;
• backache, unless a doctor provides medical evidence showing definite symptoms of restriction of movement;
• any condition which is existing or which you knew about at the starting date, or of which you were exhibiting the symptoms whether specifically diagnosed or not or for which you were receiving medical treatment or advice during the 12 months preceding the starting date, unless you have been symptom free and have not consulted a doctor or received treatment for the condition in the 24 months preceding your claim;
• any chronic condition which is existing or which you knew about at the starting date, or of which you were exhibiting the symptoms whether specifically diagnosed or not or for which you were receiving medical treatment or advice during the 12 months preceding the starting date;
• H.I.V. (Human Immunodeficiency Virus) and/or any H.I.V. related illness including A.I.D.S. (Acquired Immune Deficiency Syndrome).

Involuntary Unemployment Benefit

If you are made involuntarily unemployed after the start date of your loan agreement and before the end date, for at least 30 consecutive days, subject to the Policy terms, we will pay a monthly payment. This monthly payment is the amount due each month under the terms of the agreement, subject to policy limits. We will also pay a monthly payment in respect of each full month after that, during which you are continuously involuntarily unemployed, until the first of the following occur:

• you cease to be involuntarily unemployed;
• we have made 12 monthly payments in respect of any one event of involuntary unemployment;
• the end date.

In the Republic of Ireland the insured person must be Registered with the Department of Social, Community and Family Affairs. In the UK (including Channel Islands and Isle of Man) the insured person must be registered with the Department for Work and Pensions and in receipt of National Insurance credits. Please note the claim will only commence from the date of registration with either of these departments and the insured person must be actively seeking and available for work.

Main Exclusions for Involuntary Unemployment Benefit

We will not pay any involuntary unemployment benefits:

• unless your involuntary unemployment is immediately preceded by 6 months continuous employment or self-employment;
• if it starts within 90 days of the Policy starting date;
• if your dismissal is as a result of wilful misconduct, dishonesty or fraud;
• if your unemployment is in any way voluntary;
• if it is a regular or seasonal event that occurs in your work;
• if it is brought about by the expiry of a fixed-term contract, unless certain conditions are met;
• if at the starting date you knew you were to become unemployed or it is reasonable for us to conclude that you knew it was likely to happen;
• if your unemployment results directly or indirectly from a strike, labour dispute or lockout;
• if before your involuntary unemployment you were employed by:
  i) a company of which a relative of yours was a director and/or shareholder; or
  ii) someone who is self-employed or by a partnership where the person who is self-employed or any of the partners of the partnership is a relative of yours; unless your involuntary unemployment is a direct result of that company, person or partnership ceasing totally and permanently to trade due to an inability to pay its debts when they were due.
  

Limits and General

• Both you and we are free to choose the law applicable to this insurance contract. Unless specifically agreed to the contrary prior to Policy inception, this Policy shall be subject to the law of the Republic of Ireland.
  
• The maximum life benefit payable by us following a claim under this Policy is EUR50,000.
  
• The maximum critical illness benefit payable by us following a claim under this Policy is EUR50,000.
  
• The maximum monthly benefit is EUR3,750.
  
• Whilst any monthly benefit is being made in respect of disability no monthly benefit shall be made in respect of involuntary unemployment and vice versa.
  
• It shall not be possible for you to assign or charge the benefits of the insurance in any way whatsoever.
  
• If any information provided to us by you or anyone acting on your behalf is inaccurate or if you fail to disclose any information which might reasonably affect our decision to provide insurance to you or our assessment of your claim, your cover under this Policy shall end.
  
• In the event of an insurance claim, any information that you provide to us may be put onto a Register of Claims through which insurers share information to prevent fraudulent claims. A list of participants and the name and address of the operator are available from us.

Important

Maximum aggregate benefit where multiple policies exist is EUR100,000.

If you have any queries relating to this product you may contact AIB Payment Protection at London General Holdings Limited on 1850 200 650 or write to them at TWG Services Limited, The Aspen Building, Vantage Point Business Village, Mitcheldean, Gloucestershire GL 17 ODD, United Kingdom.

Legal Notice

AIB Insurance Services Ltd is regulated by the Financial Regulator.

AIB strongly recommends that before purchasing this product that you read the AIB Safeguarding Your Commitments brochure

• Safeguarding Your Commitments

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