One of the many things that loan protection insurance can do is to help you maintain your credit status. It does this by providing you with an income each month so that you are able to pay your loan repayments if you lose your income. Cover would protect against a loss of income due to unemployment, accident or sickness and would stop you from getting into debt.
Loan protection insurance is often added into the loan when you borrow, however in the majority of cases this can boost the loan up considerably. Sometimes lenders will decide how much the protection is over the entire period of the loan and then add this onto the cost of the loan before putting interest on top of it all. At the same time some high street lenders will provide inadequate information so you are unable to check if a policy is suitable for your circumstances. It is the exclusions that have caused problems in the past with payment protection policies or rather the lack of information about them.
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The exclusions are what determine if you can claim on the cover so checking them against your circumstances is essential. The amount of exclusions in a policy is again dependent on the provider and some will add in more than others. All ethical standalone providers will ensure that the terms and conditions along with the exclusions are listed on their website so you have access to them. After you have done this and know that a policy is suitable you can then look into what the protection offers. Some providers will backdate the benefit to the first day of unemployment or of incapacity so look for this in the terms and conditions also.
You also need to find out when the protection would begin. Some providers will allow you to put in a claim from the 30th day while others might state that you have to wait as long as 90 days. Your policy could continue paying out for a 12 month period while other providers might offer 24 monthly payments. The cost of the policy will be determined by your age and the amount that you wish to cover. The majority of providers will quote so much for every £100 of your loan repayment you want to cover, up to a certain amount each month.
Covering your loan and credit card outgoings with loan protection insurance is one sure way of stopping you from getting into debt. If you were to lose your income your choices would be limited for where you would get the money needed to keep on top of your outgoings. You could of course turn to savings, but depending on how long you were unemployed or incapacitated these could be inadequate. You might also give some thought to applying for State benefits. However you would have to meet strict requirements and this could be another let down. Loan payment protection insurance on the other hand would be a sure thing providing you checked the terms before hand.
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