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LTSB PPI Insurer details & facts


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I hope this is not too long, but I came across this and thought it may be useful:

 

lloydstsb.com/media/lloydstsb2004/pdfs/ppc_summary_appendix_1.pdf

( I added this because there is a table on the page that has not copied properly)

 

A quick guide to

Payment Protection Cover

1 Payment Protection

Lloyds TSB Payment Protection

Cover policy summary

This is a summary of the policy and does not contain the full terms and conditions

of the cover which can be found in the policy document. It is important that you

read the policy carefully.

What is Payment Protection Cover insurance?

Payment Protection Cover insurance, which is optional and not a condition of taking out

a credit card, may enable you to meet your monthly credit card repayment in the event of

your unemployment (this includes cover in the event that you need to become a carer

for an immediate member of your family), accident or sickness. It may also provide you

with life cover and hospitalisation cover.

Who are the insurers?

The insurers of this policy trade as Norwich Union and are:

• London & Edinburgh Insurance Company Limited for accident or sickness, unemployment

(including carer) and hospitalisation cover.

• Norwich Union Life & Pensions Limited for life cover.

Are you eligible for Payment Protection Cover insurance?

You are eligible if on the date that you open your credit card account you:

• are aged 18 or over but under 75.

• live in the United Kingdom, the Channel Islands or the Isle of Man, and

• are the first named holder of a credit card account.

Policy summary

What are the significant features and benefits of Payment Protection Cover insurance?

• This policy will pay a monthly benefit equal to 5% of your outstanding balance on your

Lloyds TSB credit card account. The outstanding balance will be the amount you owe

on your account (less any arrears) on the date you are unable to work due to accident

or sickness, or the date you are first aware of unemployment or you know you will have

to become a carer or the date you know that you are going into hospital. If you die,

it will repay your outstanding balance.

The benefit you will receive if you make a claim will depend on your age, whether you are

working or not and, if you are, how many hours per week you work. The table below

summarises your cover in different situations.

*Please note – The policy is designed to provide unemployment cover to customers who are employed on a

permanent basis for 16 hours or more per week. However there are some additional circumstances where

we will provide unemployment cover.

If you are self-employed or work on a fixed-term contract you should read the policy to make sure it is

suitable for your needs – you should pay particular attention to the ‘Employment Circumstances’,

Unemployment Cover’ and ‘Things to Keep in Mind When Claiming’ sections.

What happens if my circumstances change?

Your eligibility for cover under this policy may change if your circumstances change,

for example if you retire from work, voluntarily reduce your hours to less than 16 per week

or leave the UK to live abroad. If this happens or is likely to happen you should discuss

this with us on 01903 230599. Lines are open 8am to 6pm Monday to Friday and

9am to 12.30pm on Saturdays.

Payment Protection

Payment Protection 2

Unemployment

(including carer)

cover

Positive Job

Solutions

Accident or

Sickness cover

Hospitalisation

cover

Life cover

7 3 7 3 3

7 3 3 7 3

If at time of claim you are:

Aged 18-64 and work for

16 hours or more per week*

Aged 18-64 and work less

than 16 hours per week

Aged 65 but under age 75,

or under 65 and do not work

The first named additional

cardholder aged under 65

3 3 3 7 3

7 7 7 7 3

Payment Protection

Summary of benefits and features

Accident or Sickness cover or Unemployment (including Carer) cover

If you are unable to work because of an accident or sickness, are unemployed or need to

become a carer for an immediate member of your family for more than 15 days in a row:

• We will then pay one monthly benefit.

• If you continue to be off work for a further 45 days, we will then pay another monthly

benefit.

• Further monthly benefits will be made for every further full month you are unable to

work for up to 11 monthly benefit payments.

• A 12th and final payment will be made if you remain unable to work for a further full

month after your 11th payment. This payment will be equal to the remainder of your

outstanding balance on the date you were unable to work due to accident or sickness

or the date you knew you would become unemployed or would become a carer.

Life cover

If you die we will pay the outstanding balance at the date of your death up to a maximum

of £20,000 for each of your accounts insured by us. This cover is also provided for the

first named additional cardholder provided they are aged 18 years or over and under 65

throughout the term of your policy and they live in the UK.

Hospitalisation cover

If you are in hospital for more than 5 days in a row:

• We will then pay one monthly benefit.

• Further monthly benefits will be made for every further full month you remain

in hospital for up to 11 monthly benefit payments.

• A 12th and final payment will be made if you remain in hospital for a further full

month after your 11th payment. This payment will be equal to the remainder of

your outstanding balance on the date you knew you were going into hospital.

Positive Job Solutions

You, and any member of your family who lives with you, will have access to a

confidential and independent telephone advice service to help you return to work.

This service is arranged by Lloyds TSB Insurance and provided by PMA Limited.

Back to Work

You will also receive details of our ‘Back to Work’ service if you are off work due to

an accident or sickness. This provides independent confidential advice and guidance to

help you return to work.

3 Payment Protection

Payment Protection

Self-employed workers

If you are self-employed you will be entitled to claim for unemployment if you have

involuntarily ceased trading because you could not find enough work to meet all your

reasonable business and living expenses and have declared this to HM Revenue

and Customs.

Payment in lieu of notice

If you receive payment in lieu of notice, your unemployment claim will start when you have

registered as unemployed after the date your notice period ends.

What am I not covered for?

The policy excludes some situations. These generally involve anything you already know

about or that is caused by illegal or deliberate acts on your part. You need to check the

‘Life’, ‘Accident or Sickness’, ‘Unemployment (including Carer)’ and ‘Hospitalisation’

sections of the policy for full details of what is and is not covered. The main exclusions

are shown here:

We will not cover accident or sickness claims which result from:

• a medical condition, and/or associated symptoms, whether diagnosed or not:

– which you know about when cover starts or you have seen a doctor about in the

12 months before taking out this policy; and

– which persists or returns during the first 12 months of your policy

• pregnancy or childbirth unless there have been medical complications.

Please refer to your policy document for a full list of exclusions.

We will not cover unemployment claims:

• If you know about the unemployment at the start of the policy.

• Which you are notified of, or which happens, within the first 90 days of the policy.

• If you have resigned, retired, taken voluntary redundancy or been dismissed for

misconduct.

• After the end of a fixed-term contract unless you have either been employed by the same

firm for at least 24 months, are on a contract of at least 12 months which has been

renewed at least once with the same employer or you were originally employed on a

permanent basis but were transferred to a fixed-term contract by the same employer

without a break in employment.

Note – You will need to register for a Jobseeker’s Agreement in order to be able to

make an unemployment claim.

Please refer to your policy document for a full list of exclusions.

Payment Protection 4

5 Payment Protection

We will not cover carer claims:

• Unless you are in receipt of (or awaiting) a Carer’s Allowance,

• If you know that a member of your immediate family would require a carer at the

start of the policy, or

• If you apply for a Carer’s Allowance or are notified of receipt of a Carer’s Allowance

within the first 90 days of the policy.

Please refer to your policy document for a full list of exclusions.

We will not cover hospitalisation claims which result from:

• a medical condition, and/or associated symptoms, whether diagnosed or not:

– which you know about when cover starts or you have seen a doctor about in the

12 months before taking out this policy; and

– which persists or returns during the first 12 months of your policy

• pregnancy or childbirth unless there have been medical complications

• cosmetic surgery unless medically necessary e.g. reconstructive

• being in a convalescent, nursing or rest home, or similar section of hospital.

Please refer to your policy document for a full list of exclusions.

How long does my Payment Protection Cover insurance run for?

Your cover will continue as long as you have a credit card account and you continue

to pay your monthly premium on time but it will end when you reach age 65 for

accident, sickness or unemployment (including carer) cover, and for life and

hospitalisation cover when you reach age 75 or when your credit card account is

closed. The policy is designed to cover the outstanding balance on your credit card

so you do not need to review your level of cover. The premium is reviewable and

we may change the rate or terms and conditions of the policy by giving you 30 days’

written notice.

How do I make a claim?

Please call us on 01903 823603 between 8am and 6pm Monday to Friday and

9am to 12.30pm Saturdays.

Payment Protection

How do I make a complaint?

We hope that you will be very happy with the service we provide. However, if for any

reason you are unhappy with it, we would like to hear from you. In the first instance,

please write to Customer Care, Lloyds TSB Insurance, Tredegar Park, Newport,

South Wales NP10 8SB.

We are covered by the Financial Ombudsman Service. If you have complained to us

and we have been unable to resolve your complaint, you may then be entitled to refer

it to this independent body. Following the complaints procedure does not affect your

right to take legal action. Further details of our complaints procedure can be found in

your policy document.

What happens if I take out cover and then change my mind?

This insurance is optional and you have the right to cancel your policy during a period of

30 days from the day of purchase of the policy or the day on which you receive your

policy, whichever is the later. If you cancel within this period you will receive a full

refund of any premiums paid.

You may cancel this policy at any time after this period by giving 14 days’ written notice

to Lloyds TSB Insurance. The address to write to is: Lloyds TSB Card Operations,

Payment Insurance, 4th Floor, Sussex House, 1-9 Gloucester Place, Brighton BN1 4BE.

Would I receive compensation if the insurers were unable to meet their liabilities?

The insurers are members of the Financial Services Compensation Scheme (‘FSCS’).

You may be entitled to compensation from the scheme if the insurers cannot meet their

obligations, depending on the type of insurance and circumstances of the claim.

Payment Protection 6

Payment Protection

Termination of the contract

The cover provided by this insurance will end if either of the following happen:

• if you do not pay the premiums when they are due

• the insurance is cancelled.

After any statutory cooling off period you can cancel the policy by giving us 14 days' notice

in writing to Lloyds TSB Card Operations, Payment Insurance, 4th Floor, Sussex House,

1-9 Gloucester Place, Brighton BN1 4BE.

We may cancel this policy by giving you at least 14 days’ notice at your last known address.

If we cancel the policy we will refund premiums already paid for the remainder of the current

period of insurance.

Law and language applicable to this contract

This contract will be governed by English law. The language used throughout the duration of

this policy and in any communications relating to it will be English.

Insurer details:

The insurers of this policy trade as Norwich Union and are:

• London & Edinburgh Insurance Company Limited for accident or sickness, unemployment

(including carer) and hospitalisation cover.

• Norwich Union Life & Pensions Limited for life cover.

The insurers named in the policy summary will provide cover during the period of insurance

according to the terms set out in your policy in return for payment of the premium. The main

business of both insurers is insurance underwriting.

Statement of Demands and Needs:

Payment Protection Cover meets the demands and needs of customers who wish their credit

card payments to be met in the event of their illness, unemployment or death. Information,

but not advice, has been provided on payment protection cover to help you make an

informed choice.

Lloyds TSB Bank plc. Registered in England and Wales, No. 2065.

Registered Office: 25 Gresham Street, London EC2V 7HN.

Authorised and Regulated by the Financial Services Authority and a signatory to the

Banking Codes.

Other important information

7 Payment Protection

Customers with disabilities

This policy summary is also available in large print, audio

and Braille. If you require any of these formats please contact

us on 01903 230599 between 8am to 6pm Monday to

Friday and 9am to 12.30pm on Saturdays.

Insurers

London & Edinburgh Insurance Company Limited. Registered in England No. 924430. Registered Office: 8 Surrey Street, Norwich NR1 3NG

And Norwich Union Life & Pensions Limited. Registered in England No. 3253947. Registered Office: 2 Rougier Street, York YO90 1UU.

Both are members of the Aviva Group. Both are authorised and regulated by the Financial Services Authority.

We accept calls made through RNID Typetalk.

We may monitor or record phone calls with you in case we need to check we have carried out your instructions correctly and

to help improve our quality of service.

PPC/PolSum/Online/0107

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Thankyou for that. Very informative!:)

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