There are many factors, out of your control that can make you unable to repay your loans. You might become sick or get involved in an accident that takes you out of work for an extended period of time. Maybe your employer has to cut back and make wage decreases or lay-offs. If you are working for your self then maybe business is not going well and you are not earning as much as you had hoped. It could even be that your expenses have risen or interest rates have risen and this has made it difficult to make repayments.
Many of us worry about these possible outcomes. Some of us, especially if we have borrowed a lot and are already close to our repayment capacity may be losing sleep over it. People who are elderly and close to retirement, or those with young children also may worry a lot about such issues.
Loan Insurance
It is for this reason that insurers offer loan insurance. Loan insurance is a policy that protects against the possibility that you will not be able to make your repayments. You will usually be offered it every time you take on credit. You should know that you are not obliged to take loan insurance and you cannot be denied credit for...
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