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Personal/Motor Loan Payment Protection

Enjoy peace of mind with our optional Payment Protection Insurance, knowing that your loan repayments will be covered regardless of life's uncertainties.

For example, if you receive your salary while sick, your Payment Protection policy will still cover your loan repayments, leaving you with additional funds to cover medical expenses. 

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For a relatively small cost, you can take out Payment Protection Insurance to cover repayments on your personal loan or motor loan if your income is gone.

Key benefits include cover for situations such as:

  • Disability if you are out of work (accident and sickness)
  • Life
  • Critical illness / major injury
  • Involuntary Unemployment

When applying for a loan you will be quoted your repayments without and with Payment Protection Insurance.

Full details including exclusions are set out in the policy booklet.

Bank of Ireland Insurance Services can provide you with more detailed information. Phone our Customer Care helpline on 1890 604 604.

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 regulated by the Central Bank of Ireland for conduct of business rules.

Financial Assurance Company Limited (FACL), trading as Genworth Financial, is authorised by the Financial Services Authority in the UK and 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) and Financial Assurance Company Limited (FACL) 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.

Download Policy Booklet (PDF, 466KB)

Terms and conditions apply

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 20 90.

If you complain it will not affect your legal rights.

Terms of Business

 

Eligibility

Terms and conditions apply

  • Over 18 years at the commencement date of the loan and under 65 at the end date of the policy agreement
  • Must not know that any disability, involuntary unemployment, critical illness/major injury is likely to happen
  • Must be working full-time at least 18 hours per week in Ireland or 16 hours per week in the UK
  • The first/sole named person on the loan or, where that person is not eligible at commencement date, their spouse can be nominated and become the policy holder provided the spouse fulfils the eligibility criteria

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
  • Self-inflicted injuries
  • Normal pregnancy is excluded, except where there is a pathological condition diagnosed by an obstetrician
  • Alcohol and drugs related illnesses
  • Stress or psychological illness is excluded, except where there is a psychiatric report from a consultant
  • Backache is excluded, except where there is radiological evidence (an X-ray) from a consultant
  • You must be in work and have your Term Loan for 90 days before you can claim involuntary unemployment. In addition you must be in full-time employment continuously for twelve months immediately before your employment ending.
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