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Terms & Conditions ©

Rainbow can help organise Credit Protection Insurance to cover your loan repayments in the event of Accident, Sickness, Redundancy, Hospitalisation or Death.

What benefit do I get from Credit Protection Insurance?

• Life Cover
• Sickness Cover
• Accident Cover
• Hospitalisation (for self-employed)
• Redundancy Cover Protection for your family
• Use of free CareCall service
• Automatic acceptance - no medical required
• Keeps savings intact
• Peace of mind

Remember, Its better to have the cover and not need it, than to need it and not have it …

Am I eligible for cover?

Yes, if you:

• Have attained 18 and will not reach 65 during the period of the finance agreement.
• Are in Full time employment or self employed (working at least 16 hours per week for the last 6 months)
• Are permanently resident in the UK, Channel Islands or Isle of Man and has been so for 6 months prior to commence date
• Are the first named person on the agreement

How are Premiums Paid?

Premiums are paid monthly for the same period as your instalment credit agreement, so if the instalment is for 48 months (the maximum possible period) you will make 48 monthly premium payments.

What is paid if I have a claim?

Life

If you die the full outstanding balance on your credit agreement is paid (less any arrears and interest on such arrears). The maximum amount payable is £20,000.

Accident and Sickness

If you are unable to attend work for 14 consecutive days as a result of a certified disability one full months payment will be made and thereafter for each continuous consecutive period of 30 days certified disability a sum equal to the monthly instalment will be payable. Payment will cease when you are fit to return to work, the end of the insurance cover or the payment of 12 monthly instalments per claim, whichever is the sooner. The maximum benefit payment per month is £750.

Redundancy (excludes self-employed)

If you become unemployed due to redundancy after 30 days out of work one full months payment will be made and thereafter, for each continuous consecutive 30 day period of certified unemployment a sum equal to the monthly instalment will be made payable until either you return to work, or the end of the insurance cover is reached or 12 monthly instalments per claim are paid. You must be registered with the Unemployment Benefit Office and be actively seeking re-employment. The Maximum benefit payment per month is £750.

Hospitalisation (self employed only)

If you become unable to attend work due to hospitalisation, after 7 consecutive days, one full months payment will be made. A second month's payment will be made if you continue to be hospitalised for a further 14 days and thereafter, for each continuous 30 day period a sum equal to the monthly payment until you leave hospital, the end of the insurance cover is reached or the payment of 12 monthly instalments per claim has been made. The maximum benefit payment per month is £750.

What are the main exclusions?

Standard Life Exclusions

• Suicide within one year of commencement date (whether sane or insane)
• AIDS / HIV or related conditions
• Death from any condition whether diagnosed or not which the person knew about on the commencement date, sought or received advice, treatment or counselling from any registered practitioner during the 12 months before the commencement date.
• War, civil commotion

Standard Disability Exclusions

• Self inflicted injuries
• Normal pregnancy or related conditions
• Alcohol or drugs (unless prescribed)
• Civil commotions/riot/war
• AIDS/HIV or related conditions
• Any disability present at the commencement date or arising within the first 30 days of the start of the cover.
• Any condition whether diagnosed or not which the person knew about on the commencement date, sought or received advice, treatment or counselling from any registered practitioner during the 12 months before the commencement date.
• Stress, anxiety, depression or any mental or nervous disorder or any condition of a psycho-neurotic origin.

Standard Redundancy Exclusions

• You must have been in full time employment for a period of 6 months before the unemployment began or for 6 months immediately before the commencement date.
• Voluntary Redundancy.
• Awareness of impending redundancy at the commencement date.
• Where redundancy is a regular or recurring feature of the job
• Fixed term contracts unless continuously employed by the same employer for at least 2 years before the unemployment commenced with their fixed term employment having been renewed at least once.
• If you are dismissed for any reason other than redundancy.
• A strike or lock-out in which you were or are directly or indirectly participating.
• Redundancy or notice of redundancy within 90 days of the cover commencing.
• If you are self employed
• Disability exclusion apply.

Standard Hospitalisation Exclusions

• You are outside of the UK, Channel Islands or Isle Of Man for more than 30 days.
• The company makes any benefit payment for Disability in respect of the relevant day.
• Disability exclusions apply.

* The insurer has the right to change these details without notice. The above text must be taken as a guide and full cover will be explained in your policy document.