Loan Protection Can Work If You Take The Time To Understand A Policy
Loan protection, or ASU insurance as it is also known, can be taken out by those who have monthly loan repayments to make and who are in full time employment and worry that they might find themselves out of work due to suffering from an accident, prolonged sickness or through such as unemployment.
Providing you have made sure that loan protection would be suitable for your needs then it would begin to payout after a pre-defined period of time of the policyholder being out of work continually which can be between 31 days and up to 90 days with some providers.
The majority of policies are backdated to day one and would then continue to give you a tax free income for up to 12 months and with some loan protection policies, for up to 24 months. You do have to make sure that a policy would be suitable for your circumstances as the cover isnt suitable for everyone but providing that it is then it could give you peace of mind and help to keep you debt free. Some of the most common exclusions include only being in part time work, retired or suffering from an illness at the time of taking out the...
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