Loan Payment Protection Insurance
What is Loan Protection?
Loan Protection is short term cover to provide financial assistance should you be unable to work as a result of illness, accident or unemployment. The cover is typically temporary in that the insurance company CAN normally alter the premium under the terms of the cover or withdraw cover completely within a specified notice period. If you want permanent cover that cannot be cancelled by the insurance company consider an Income Protection with Redundancy policy where premiums are fixed and they cover once accepted cannot be cancelled no matter how many claims are made.
Loan Payment Protection
Loan Protection Options to Consider
- If you want to cover Accident Sickness and Unemployment or Unemployment Only or Accident Sickness Only.
- How long would you like to wait for your first payment if you claim "excess period".
- How long you want the benefits to pay you in a claim.
- If you want to cover just your loan payments or have additional cover.
- What are the policy exclusions. Typically some policies will exclude back related conditions or stress so consider the full picture price and the terms of the covered offered.