"Terminal illness", "disability" (including "accidental injury"), and "redundancy” are specifically defined in the Payment Protect Terms as they appear in the Loan Contract. The meaning of each event is set out in the section of the terms document dealing with that event:
- Section B: Death
- Section C: Terminal illness
- Section D: Disability
- Section E: Redundancy
For an event to be covered it must fall within the exact definition.
Section F of the Payment Protect Terms covers exclusions to the cover provided by Payment Protect. For example, there is no cover for pre-existing medical conditions.
A waiver application must also meet certain other conditions, such as (among other things):
- You must be up to date with your loan payments
- Events must happen within the original loan term. If your loan term is extended for any reason, events occurring in the extension period are not covered.
The specific conditions that apply to each event are set out in the section relating to that event. For example, the conditions for a disability waiver are set out in Section D: Disability.
Please note: If you took out Payment Protect prior to June 18, 2019 you will find previous Payment Protect terms relevant to your repayment waiver application here.