Loan protection insurance would protect any borrowings you had by way of loan or credit card. A policy would provide you with an income, tax-free, if through no fault of your own you should become unemployed. It also pays out if you were to suffer from an illness that kept you from working or if you should have an accident. During times of illness or accident the last thing you need to worrying about is how you are going to maintain your loan repayments. The same would apply if you were out looking for work, you would not want the distraction that worrying about where to find the money to pay the bills.
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Failure to keep up with the repayments of the loan or credit card would almost certainly mean that your credit rating would plummet. If your credit rating is affected then usually this will make getting further credit in the future next to impossible. You might have to go for a bad credit loan and these types of loan almost certainly attract a higher rate of interest. It could also mean that you would have a County Court Judgement against you and in the worst case scenario if your debts were high, you could have bailiffs coming to take your possessions.
A policy would begin to protect you and payout the sum you had insured once you had been unable to work or had been unemployed for a period of time. With the majority of providers this is between days 30 and 90. Some providers would backdate the benefit to the first date that you came out of work or of unemployment, but not all do so always double check in the terms and conditions. Once the policy had commenced it would then continue for between a period of 12 and 24 months, again depending on the provider. 12 months is usually adequate time to have found work or have made a full recovery and got back to work, however once the term of the policy ended then so would the policy.
Loan protection insurance can be added onto the cost of borrowing or when taking out the credit card. Policies taken this way are often a lot more expensive than if you had shopped around and chosen to buy the policy independently. In fact when taking the cover out with the loan the policy can sometimes almost double the total amount of money borrowed.
There is an additional bonus to taking your loan protection insurance from a standalone provider and this is for the vast of information they will provide on all aspects of loan protection. The terms and conditions of the cover are not only important when finding out when the policy begins and for how long the policy runs, but also for the exclusions. Exclusions do need to be checked against your circumstances and providing you do so a policy will payout if and when you need it. There has been a lot of bad publicity surrounding all types of payment protection but the products can and do work as they are intended providing you understand what you are buying.
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