Loan insurance is a product that everybody will be offered when they buy a loan, or might even have included in their loan package without them really knowing about it. If you are in the process of looking for a loan or want to know more about loan insurance, then this article will help you to decide which policy if any is right for you.
What is loan insurance?
Loan insurance is often referred to as PPI, or Payment Protection Insurance. Loan companies will urge you to get this insurance to cover yourself in case you cannot keep up with your repayments due to accident, illness or unemployment. The terms of these loan insurance policies varies from one company to another, and you should check out the policy thoroughly before signing anything.
What are the advantages?
The obvious advantage of loan insurance is that if anything should happen to you that stops you from keeping up with repayments, your loan insurance might be able to help you pay off some of the debt. This gives you peace of mind, knowing that you are covered if the worst should happen. It will cost you a fair amount of money, but if it keeps you covered against possible default if you are...
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