Creditor Protection

Auto Loan Payment Protection

Our Auto Loan Payment Protection helps your customers to repay their car loan if they are unable to work due to accident, sickness, disability or involuntary unemployment. In these circumstances,we will meet the monthly repayments for up to 12 months or until the customer returns to work (whichever is the early event). In addition, there is typically a life cover that will pay off the outstanding balance in the case of death. No medical underwriting is required.

CLIENT BENEFITS

Meets market needs

Current economic conditions bring an increased risk of redundancy. Our product could help as customers may struggle to meet their credit repayments in the event of involuntary unemployment.

Addresses your customers’ requirements

This product will have a wide appeal as some European families spend more than a fifth of their annual expenditure on financing their cars.1

CUSTOMER BENEFITS

Greater confidence

A new car is a major purchase and a major lifestyle benefit and state benefits do not cover loan repayments.With cover in place, your customers can be reassured that they are protected should the unexpected happen.

Easier adjustment

With Auto Loan Payment Protection, your customers can concentrate on finding a new job or getting better rather than worrying about losing their car at a time when they might needit most.

To contact the team at Genworth please click here