Creditcare – Main Benefits

CreditCare

There are many reasons why bad luck may leave your customers unable to continue making payments. CreditCare could be there to take over their payments, or to protect their loved ones from the financial burden if the worst happened. There are six levels of CreditCare to choose from to suit your customer's needs and budget.

CreditCare 1

Life, Accident, Sickness, Unemployment, Carer

This CreditCare option gives your customer the widest range of cover. Their finance payments could be made for them if they suffer an accident or illness that keeps them off work for more than 15 days, or after 30 days of continuous unemployment if they're made involuntarily unemployed through no fault of their own. In both cases the payments can be made for up to a maximum of £1500 per month (for up to 12 months or until return to work) - to a maximum annual benefit of £18,000. Finance payments could also be met for back problems, for up to 6 months or until they return to work, whichever occurs sooner.

Carer Cover

If your customer has to give up work to look after a close relative who needs their attention for at least 35 hours a week, CreditCare could pay an amount equal to 12 monthly benefits or the remaining finance balance (whichever is the lesser) up to a maximum of £18,000.

CreditCare 2

Life, Accident, Sickness

If your customer was unable to work for more than 15 days following accident or sickness, CreditCare could step in to take over their finance payments for up to 12 months or until they return to work, whichever occurs sooner. If they were to die their balance could be cleared in full, up to a maximum of £50,000. Finance payments could also be met for back problems, for up to 6 months or until they return to work, whichever occurs sooner.

CreditCare 3

Life, Critical Illness

If your customer was to die, their finance balance could be cleared in full up to a maximum of £50,000. It could also be paid off if they were diagnosed with one of a number of critical illnesses if they survive for 30 days.  Critical illness means heart attack, stroke, cancer, coronary artery by-pass graft, kidney failure or major organ transplant.

CreditCare 4

Life

With the simplest level of CreditCare, if your customer was to die unexpectedly, their outstanding vehicle finance balance could be cleared in full, up to a maximum of £50,000. This would ensure that their loved ones aren't left with the responsibility for their payments.

CreditCare 5

Keyman Life

CreditCare 5 Keyman Life covers the finance taken out by the customer, the business owner and provides cover should their ability to repay their loan be effected by the death of a key employee (up to a maximum of £120,000) - helping the customer to reduce the financial impact of loss to the business. Individual cover can be taken out for up to 6 key people.

CreditCare 6

A CreditCare option specially designed for the needs of people of 50 and over. In one policy, your customer has very wide-ranging protection:

  • Life cover for those aged 50-70

    • If your customer was to die their vehicle finance balance could be cleared in full up to a maximum of £50,000, (excluding optional final payment, ie. PCP, balloon/residual payments.)

  • Accidental death cover for those aged 70-80

    • If your customer was to die as the result of an accident their outstanding vehicle finance balance could be cleared in full up to a maximum of £50,000, (excluding optional final payment, ie. PCP, balloon/residual payments.)

  • Accidental injury cover

    • If an accident results in the loss of a limb or blindness, your customer's outstanding vehicle finance balance could be cleared in full up to a maximum of £50,000, (excluding optional final payment, ie. PCP, balloon/residual payments.)

  • Temporary total disability

    • If an accident leaves your customer temporarily disabled for more than 60 days, CreditCare could take over their vehicle finance payments for up to 12 months or until they're active again, whichever occurs sooner (to a maximum of £1,500 per month).   A maximum of 6 payments will be paid in respect of any back/spinal condition.

  • Hospital stays

    • If your customer has to stay in hospital for more than 7 days after an accident, CreditCare could take over their finance payments for up to 3 months or until they leave hospital, whichever occurs sooner. For example, if they were in hospital for 10 days, they could receive 3 days' benefit.

    For exclusions click here.

    Full details of terms and conditions, and exclusions are contained within the policy document - a copy which is available on request.