To be able to decide if you should take payment protection with your loan you need to fully understand what payment protection offers and how it works. You must then consider how appropriate this is to your personal circumstances. To do this the following article offers guidance to assistant you, however it is advisable to read every protection policy carefully as each will differ in the cover they offer and the exclusions they make.
Loan payment protection cover is sometimes also referred to s PPP (Payment protection plan) and ASU (Accident, sickness and unemployment benefit). The cover can provide insurance against loss of earning due to accident, sickness, hospitalisation, disablement, redundancy and life cover. Each policy will differ in the collection of each of these events so read the policy booklet carefully. You should also take note of the following;
Eligibility
Check that you are eligible for the policy because if you are not and you take the policy it will not pay out if you make a claim even if you have been paying the premiums. Most policies have eligibility rules in regards to age, how many hours you work a week and how long you have been in...
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