credit protection
noun[U]
ukusFINANCE,BANKING,INSURANCE
anarrangementin which acreditcardcompanyallowsyou tostopmakingpaymentsand does notchargeinterestif youloseyourjoborbecomeunabletoworkbecause ofillnessorinjury:
Wereceivedastatementnotinganoutstandingbalanceof £65.40 forcreditprotection, which thebanksaid I had taken out with theoriginalcreditagreement.