Loan payment protection insurance is sold under different names including loan cover, loan protection, loan insurance and ASU insurance. Whatever the name, it does the same thing and that is it will cover your loan repayments up to a predetermined amount if you should lose your income by being out of work through accident, long term sickness or unemployment.
However, loan payment protection insurance isnt suitable for everyone as there are exclusions which could stop you from making a claim which many who bought their cover either knowingly or unknowingly found they were mis-sold their policy after taking it alongside their loan from the high street lender.
If you want the safety net that loan payment protection insurance can give then it is essential that you purchase the cover wisely and understand the many exclusions which can stop you from claming on the policy. It is also essential that you realise that premiums for the cover do vary widely from provider to provider and this can end up adding thousands onto the cost of the loan and turn what was a cheap loan into a very expensive one after the cost of the protection is added onto it.
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