A loan insurance policy is also known as loan payment protection insurance or ASU insurance (which is accident sickness and unemployment insurance) and it can, providing your circumstances are right, provide you with a monthly tax free sum of money with which to continue meeting your loan or credit card repayments if you find yourself unable to work due to accident, long term sickness or unforeseen unemployment.
For a fixed monthly premium you can take out loan insurance policies to cover against the possibility that you might lose your income and be struggling to make your monthly loan or credit card repayments. A policy would begin to kick in and pay out once you had been out of work usually for 30 days or more and would continue to pay out for a period of up to 12 months – with some providers policies, up to 24 months.
This will give you adequate time to get back on your feet or find work.
The best way to purchase loan insurance is to buy it independently rather than alongside the loan when you take out the loan. While purchasing the cover alongside the loan is the easiest way to take the cover it is also the dearest, as high street banks and...
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