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Call us on 1890 604 604
Credit Card Payment Protection
Enjoy Peace of Mind from our Optional Payment Protection Insurance, knowing that your Credit Card repayments may be covered when you need it most.
If your financial circumstances change, whether from ill health or redundancy, the last thing you need to worry about is your credit card payments. We offer Payment Protection Cover, which is insurance that helps with your card payments if you are unable to work due to ill health, major injury, disability or redundancy. This option also provides cover in the event of death.
The cost of cover is just 80c for every €100 of your outstanding balance. This means that for every €100 you owe, the protection costs 80c a month. For example, if your balance is €500, the Payment Protection Cover will cost 5 x 80c which is just €4 amonth. If your balance is €2,000 then this insurance will cost 20 x 80c which amounts to only €16 a month for cover.
Also, with this cover you get the benefits of Purchase Protection at no extra charge – so most of your purchases are protected against accidental damage, loss or theft for up to 90 days
Payment Protection Cover (Optional)
As an additional option you can avail of Payment Protection Cover, this cover includes:
| Payment Protection |
Classic cost of 80c per €100 |
Platinum cost of 70c per €100 |
Affinity
|
|---|---|---|---|
| In the event of death your outstanding balance will be paid up to a maximum of €15,500 | YES | YES | YES |
| In the event of disability 10% of your monthly balance will be credited to your account up to a maximum of €2,000*. | YES | YES | YES |
| In the event of redundancy 10% of your outstanding monthly balance up to a maximum of €2,000 will be credited to your account (not available if state or self employed)*. | YES | YES | YES |
|
In the event of hospitalisation 10% of your monthly balance will be paid up to a maximum of €2,000 (for state and self employed only)*
|
YES | NO | NO |
| In the event of critical illness/major injury your outstanding balance will be paid up to a maximum of €15,500 (for state and self employed only). | NO | YES | YES |
| Purchase Protection | Automatic Protection | Automatic Protection | NO |
Payment Protection Insurance is available through Bank of Ireland Insurance Services Limited. Bank of Ireland Insurance Services Limited is a member of the Bank of Ireland Group.
Bank of Ireland Insurance Services Limited is regulated by the Central Bank of Ireland.
Bank of Ireland Insurance Services Limited is tied to Genworth Financial for the purpose of selling Payment Protection Insurance.
Financial Insurance Company Limited (FICL), trading as Genworth Financial, is authorised by the Financial Services Authority in the UK and is regulated by the Central Bank of Ireland for conduct of business rules.
Payment Protection Insurance cover is underwritten by New Ireland Assurance Company plc, trading as Bank of Ireland Life, for life cover and Financial Insurance Company Limited (FICL), trading as Genworth Financial, for all other covers. Bank of Ireland is a tied agent of New Ireland Assurance Company plc. New Ireland Assurance Company plc, trading as Bank of Ireland Life, is regulated by the Central Bank of Ireland. New Ireland Assurance Company plc is a member of the Bank of Ireland Group.
You are eligible for Payment Protection Insurance if at the commencement date you agree to pay the Monthly Premium on the Premium Due Date;
and:-
- for Life, Disability, Redundancy or Critical Illness/Major Injury cover you are aged 18 or over and will be less than 65 years old at the End Date;
- for Disability, Redundancy or Critical Illness/Major Injury cover you are engaged in Full Time Employment; and
- you are not aware of any impending life threatening event, Disability, Redundancy or Critical Illness/Major Injury.
Policies are not transferable. We will only cover Bank of Ireland credit cards under this policy.
The cost of Payment Protection for a credit card varies depending on the type of card and the amount of the outstanding balance.
Prices for each type of credit card:
- Classic Card - 80c per €100
- Platinum Advantage Card - 70c per €100
Purchase Protection is automatically included with the Platinum Advantage Card.
Refunds and cancellation
If you are not satisfied with your cover, please write to or contact Credit Card Services, Bank or Ireland, Ground Floor, New Century House, Mayor Street Lower, IFSC, Dublin1 within 30 days of the start date, and receive a refund of any premium paid.
Thereafter, you may cancel your credit card insurance cover at any time. Please write to or contact Credit Card Services, Bank or Ireland, Ground Floor, New Century House, Mayor Street Lower, IFSC, Dublin1, giving 30 days notice in writing. No refund of monthly premium will be paid.
Download Credit Card Payment Protection Plan (PDF, 423KB)
Download Gold Credit Card Policy Booklet (PDF, 65KB)
Download Platinum Credit Card Policy Booklet (PDF, 71KB)
How to claim
If you need to make a claim, you can obtain a claim form from Genworth Financial whose telephone is +353 61 73 73 73 or alternatively write to: Genworth Financial, PO Box 602, Shannon, County Clare.
Complaints procedure
We set ourselves high standards, but if you are not satisfied with our service please tell us. If you follow the procedure set out below, we will deal with your complaint in the most efficient way possible.
Step 1: Please contact Genworth Financial, PO Box 602, Shannon, County Clare
Step 2: If you are still not happy or the problem has not been resolved to your satisfaction, you may refer it to the Financial Services Ombudsman's at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Lo-call 1890 88 22 90
If you complain it will not affect your legal rights.
Terms of Business
Download Terms of Business (PDF, 84KB)
Eligibility
Payment Protection Eligibility
You are eligible for Payment Protection Insurance if at the start date you agree to pay the monthly premium on the premium due date; and either:-
1. for Life, Disability, Redundancy or Critical Illness/Major Injury are aged 18 or over and will be less than 65 years old at the end date;
2. for Disability, Redundancy or Critical Illness/Major Injury are engaged in full time employment; and
3. are not aware of any impending life threatening event, Disability, Redundancy or Critical Illness/Major Injury.
Policies are not transferable. We will only cover Bank of Ireland credit cards under this policy.
Purchase Protection Eligibility
You are eligible for Purchase Protection Insurance if at the Start Date you are 18 or over and will be less than 75 years old at the End Date.
Exclusions
- Pre-existing illness is excluded where a customer is receiving medical advice, treatment or counselling for an illness in the 12 months prior to taking out a payment protection policy, that illness will not be covered for the term of the agreement
- Alcohol and drugs related illnesses
- Backache is excluded, except where there is radiological evidence (an X-ray) from a consultant
- You must be in work and have your credit card for 90 days before you can claim Compulsory Redundancy Cover.
- You must be in full-time employment continuously for six months immediately before your employment ending in either Ireland or the UK
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