Consumer Credit Insurance
Consumer Credit Insurance (“CCI”) is a form of loan protection insurance that can assist in certain events outside of your control.
There are three levels of cover with our insurer’s CCI product and you can elect to have certain combinations as selected within your policy. The three different levels of cover are:
Disability Cover – This will cover your repayments up to a certain limit as outlined in your policy should you fall ill, accidentally injured, contract certain diseases, or disabled where you cannot work.
Involuntary Unemployment – This will cover your repayments up to a certain total benefit outlined in your policy should you have your employment terminated through no fault of your own, such as a redundancy or fail to have your employment contract renewed.
Death Cover – This will cover you in the event you die through no fault of your own, such as accidental killing, disease or sickness, the insurer will payout your loan in full up to a certain limit as outlined in your policy.
The combinations available with our insurer are:
• Disability Cover Only
• Death Cover Only
• Disability Cover & Involuntary Unemployment
• Disability Cover & Death Cover
• Disability Cover, Death Cover & Involuntary Unemployment
The insurer will allow unlimited claims on both the Involuntary Unemployment and Disability covers, subject to conditions outlined in the policy and of course the Death Cover could only be claimed once.
In regards to the Death cover, this will prevent you passing on the car debt as part of your estate should you become deceased throughout your loan term and will leave one less burden for your loved ones, whilst they are already grieving and they will have the option to either keep your car, or sell it outright with no debt outstanding.
The Involuntary Unemployment and Disability Cover can help ease the financial burden when you are unable to earn your normal income and not only pay your normal car loan repayments, but keep your loan conduct and credit rating intact whilst you would already be suffering financially due to these unfortunate circumstances outside of your own control.
CCI can be added as part of your total finance package and then would be included within your loan repayments.