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Loan Payment Protection Insurance Safeguards Your Repayments

Jun 28, 2008
Loan payment protection insurance is just one of a family of protection policies that can be taken out to help you get through tough times such as unemployment, illness or sickness which means a loss of income. If you did lose your income you would still have bills to pay. Of course you could apply for State benefits, but in some cases this might not provide enough money to pay all your essential outgoings, it might not even be enough to keep food on the table.

You would have to consider how you were going to provide for your family, pay your heating and lightening bills, your mortgage and of course any loan or credit card payments that you had to make each month. A loan payment protection policy would provide you with the money you needed to be able to carry on paying your lender.

For a fixed premium each month based on your age and how much of your payment you wanted to protect you could have peace of mind. The policy would provide you with the sum you insured against if you should have to take time away from work due to an accident or sickness. It would also provide for you if you should become a victim of unemployment by such as redundancy. Cover would mean that you would be able to concentrate on making a recovery from your illness or accident. If you were unemployed it would give you the breathing space needed to be able to look around for work. Jobs are hard enough to come by and of course you would want one that paid an income equivalent to the one you lost.

Loan payment protection insurance can be added into the cost of borrowing when taking on the loan. High street lenders will try to push their protection onto you and some may even suggest that the loan depends on it. You always have the choice of being able to shop around for your protection and buy it independently from a specialist provider. By choosing to buy cover as a standalone policy you will pay a premium for the cover alone. If you have it added into the loan when borrowing sometimes the total cost of protection is added on and then interest is added onto the loan on top. This means you are not only paying interest for the borrowing, but also the protection for it.

Specialist payment protection providers can save you an enormous amount of money while at the same time providing you with quality cover. When shopping around for your loan payment protection insurance you have to check not only how much the premiums would cost but also the terms and conditions. Some providers offer protection that would begin to provide you with a replacement income to cover your loans from 30 days. However some ask that you wait for anything up to 90 days. A policy can run for 12 months or some providers will extend this for up to 24 months. All policies only pay out for a certain amount of time and then they cease, so always check before buying.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of loan payment protection insurance.
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