Loan Protection Insurance
Income Protection for Your Loan Payments
Ensuring the repayments on a debt are maintained should you be unable to work as a result of illness, accident or be made redundant can be tackled in a number of ways. Offering the highest projection would be to have Permanent Income Protection to provide benefits after a the set waiting period (waiting period range from 3 days, 1 week, 4 weeks, 8 weeks, 13 weeks 26 weeks or 52 weeks), the monthly benefit would continue to be paid until you return to work or your set retirement age. Additional cover would then need to be arranged to cover unemployment. Alternatively you could have a policy that covers all three (Mortgage/Loan Protection) although cheaper cover is limited to pay benefits for 12 or 24 months max and there tends to be more exclusions on those types of policy.
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Permanent Income Protection
Permanent Income Protection provides the highest level of cover as benefits in a claim are paid until you return to work or your selected retirement age. Option to have benefits payable after just 3 days! Unemployment cover NOT included
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Income or Loan Protection
The all in one alternative that provides protection from short term illness or unemployment. Provides maximum benefit of £3,000 per month over a 12 month claim period. Options accident sickness and or unemployment cover.
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Mortgage Payment Protection
As its name suggests provides short-term protection from illness or accident, and with the option to add unemployment cover. Maximum benefit amount £3,000 per month over a 12 month claim period.
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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 with 30 days notice. If you want permanent cover that cannot be cancelled by the insurance company consider Income Protection and stand alone unemployment cover. As benefits for illness can be paid after just 3 days of illness and continue to be paid for years until your selected retirement age.
