Credit Card Protection

Specialist Cover for Credit and Store Cards

Protection for people who pay with plastic

Millions of consumers choose to use credit and store cards. Furnishing a new home, a down payment for a car, a once in a lifetime holiday ... sometimes a big purchase just cannot wait.

Credit and store cards are often the preferred option for those who want to buy something costly and spread the payment and a credit card is often the easiest way to pay when abroad.

Paying on credit can mean freedom and flexibility, but taking out protection cover against the unforeseen makes a lot of sense. Assurant Solutions provides specialist insurance for credit and store cards, so that consumers are protected when they need it most.

Assurant Solutions – your partner in payment protection insurance

The credit and store card market is dynamic and profitable. For providers, they can be an important revenue stream and an excellent way of building relationships with customers. Payment protection insurance from Assurant Solutions means reassurance for them and you.

How payment protection insurance from Assurant Solutions works

Payment protection insurance from Assurant Solutions will either pay the outstanding balance or meet a customer’s minimum monthly repayments on their credit or store card for 12 months – whichever is the lesser. Assurant Solutions provides cover which is amongst the most comprehensive in the market and has the following key features:

• Life - In the event of the policyholder’s death, we pay a lump sum benefit to clear the outstanding balance.
  
• Accident/Sickness - Payable if the policyholder has an accident and/or is incapacitated and needs to take at least 30 days off work.
  
• Unemployment - Benefit is paid if a job is lost involuntarily, for example through involuntary redundancy.
  
• Critical illness - The policyholder is paid following diagnosis of a serious disease - the list of eligible conditions is clearly specified on the policy document.
  
• Hospitalisation - Payable if the policyholder is hospitalised for at least seven days.
  
• Return to work benefit - If the policyholder returns to work on reduced hours, we will pay the difference of a percentage of a monthly salary before the claim and the new salary.

By selecting Assurant Solutions, you can be confident that your customers’ needs are a priority.

Eligibility

To obtain cover, credit and store card holders need to be account holders with the lender and be resident in the Republic of Ireland. They must be aged between 18 and 65 and have worked in the Republic of Ireland for at least six months before the start date. They need to work for at least 18 hours a week. Self employed and contract workers may also be eligible for cover subject to specified circumstances.

Exclusions

We aim to make exclusions as clear as possible. Exclusions commonly include pre-existing and chronic health conditions and voluntary unemployment. Because of the emphasis we place on flexibility, we can also look to tailor how exclusions will operate for each client.

A mutual goal – treating our customers fairly

We see regulation as an opportunity to grow your business. It does not restrict innovation but instead means that appropriate safeguards are in place for the customer.

You want customers to buy appropriate insurance and be eligible to claim if they need to– so do we. At Assurant Solutions we are committed to treating customers fairly.

If you want to offer your credit and store card customers the option of quality payment protection insurance talk to Assurant Solutions and find out about the advantages we bring to our corporate partners and their customers.