UK Loan Protection Insurance Can Protect Your Repayments If You Should Come Out Of Work
If you have monthly loan repayments to make then you could be left with a serious struggle of where to find the money if you were to come out of work due to an accident, sickness or through unemployment such as redundancy. UK loan protection insurance can help to protect your loan repayments if you should come out of work, but it does have to be given some very serious consideration as it isnt a suitable product for all circumstances due to the exclusions within it.
UK loan protection insurance would begin to payout once you had been out of work for a defined period of time and this can vary from provider to provider. Cover can begin to payout from the 31st day of being out of work but it can be as much as the 90th day. However the majority of UK loan protection insurance policies are backdated to day one. Once the policy has kicked in it would continue to give you the money to meet your loan repayments and keep you out of debt for up to 12 months and with some providers for up to 24 months.
There are exclusions in all UK loan protection insurance policies that could...