If you were to suffer the misfortune of having to take time off work after falling ill or being involved in an accident, you would still have to find the money to continue meeting any loan or credit card repayments you had. This could leave you struggling severely; the same would apply if you were to find yourself unemployed by such as redundancy. Loan payment insurance would give you an income tax-free once you had been unemployed or incapacitated for a period of time.
The income you would receive would then allow you to be able to maintain your loans/credit cards without having to worry. It would allow you to search for work or to make a recovery in the shortest time possible. The premiums for the cover would be based on your age when taking out the cover and the amount you want to protect each month. All providers will allow you to insure up to a certain amount of your repayments each month and this along with the other important facts can be found in the small print.
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One thing you need to check when comparing is when the policy would begin and when it would end. Cover only pays out for a certain period of time. Providers offer loan payment insurance that pay for 12 months while some offer 24 months. The time you have to wait before you can claim on the policy would also vary with some kicking in after the 30th day of incapacity or unemployment, with other providers it could be 90 days before claiming. You can also find the details regarding any exclusions that could be found in the policy.
Protecting your loan or credit card outgoings is essential if you are to be able to maintain your credit score. If you get behind on your repayments and into debt then you will be seen as a bad risk and your credit score will plummet. If this happens you could find obtaining a loan in the future very hard and quite possibly you could have to pay a higher rate of interest. In the worst cases the lender could take you to court and you could earn a County Court Judgement and have bailiffs come to your home to take your possessions. Loan payment insurance would stop any of this from happening because you would be able to continue meeting your commitment.
Loan payment insurance can be taken at the same time as borrowing. However by adding it onto the loan, the lender will then add interest onto the whole thing which could boost up the amount you are repaying by almost double. Do not be fooled into thinking that you have to take the cover offered by the lender or that you have to take protection out when taking out the borrowing. You can choose to cover your borrowings at any time by buying your policy independently. By choosing to do this you can get a quality product for far less than you would if you had taken it with your loan.
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