| None of us know what lies around the corner and if | | | | with an income based on up to a certain amount of |
| we have commitments to payout each month it | | | | your loan or credit card repayments each month. The |
| makes sense to do everything we can to ensure that | | | | premium will reflect this and your age at the time of |
| we would be financially secure. One way of protecting | | | | taking out the policy. You would then pay this premium |
| any loan or credit card repayments you have to make | | | | each month and if you were to become unemployed |
| is to take out loan payment insurance. A policy can be | | | | through reasons not of your own you would be able |
| taken with a standalone provider to give you a sum of | | | | to claim on the cover. The policy would also protect |
| money each month so you are able to maintain your | | | | you against the possibility of you being unable to work |
| outgoings. | | | | after becoming ill or after suffering an accident. |
| Loan insurance has earned a bad name in the past | | | | You have to check and compare the key facts of |
| since it was revealed that many policies have been | | | | any loan insurance protection you are considering |
| mis-sold and consumers were unable to claim on them | | | | taking out as this is where you will be able find the |
| when needed. It has also been called over priced with | | | | exclusions and also when the policy would begin and |
| high street lenders raking in £4 billion in profits | | | | when it would end. Providers will offer loan payment |
| from selling cover in with the borrowing. While it is true | | | | insurance that can provide you with an income for 12 |
| that policies have been mis-sold it is the high street | | | | months or with some it could be 24 months. You |
| lenders that have mainly been associated with | | | | would have to wait a certain length of time before |
| mis-selling. Providing you have read the terms and | | | | putting in your claim and again this depends on the |
| conditions of the cover you will know if it is suitable | | | | provider. Some will ask that you are unemployed or |
| before taking out a policy. | | | | incapacitated for 30 days continually while others might |
| Standalone specialist providers will ensure that you | | | | ask that you stand for up to 90 days. |
| have all the information needed to be able to | | | | Loan payment insurance is valuable and is a small |
| determine suitability. While it can be tempting to skip the | | | | price to pay for the security that a policy provides. |
| small print if you want to be sure that a policy is right | | | | You would be able to concentrate on making a full |
| you do have to take the time to read it. Providing you | | | | recovery without adding additional stress into the |
| do, you will have a safety net on which to fall and rely | | | | factor. If you are unemployed then you can search for |
| on. | | | | work that is suitable without feeling pressure of having |
| Loan payment protection insurance would provide you | | | | to take the first job that comes along. |