Safeguard against the unknown with loan payment insurance
- 11TH SEPTEMBER 2007
While the majority of people never like to think about the worst case scenario, when it comes to financial commitments it should be given some serious consideration. If you have a loan and are committed to making monthly loan repayments then you should give thought as to where you would get the money from each month to continue to make the repayments if you should find yourself out of work after having an accident, suffering an illness or becoming unemployed. There is a simple answer providing you meet the requirements and that is ASU insurance, otherwise known as loan payment insurance.
Loan payment insurance will start to pay out after you have been out of work for at least 30 days, with some policies is backdated to the day you first came out of work, and will give you a fixed tax free income to make sure that you can carry on paying your loan commitments. The majority of policies will last for up to 12 months and some providers extend this to 24 months which is more than enough time to get back on your feet again and back to work.
However if you want the peace of mind that loan payment insurance is meant to give, it has to be considered carefully and you have to be aware that it isn’t suitable for everyone due to the exclusions within it. Some of the exclusions include suffering from a pre existing medical condition, being self employed, retired or only working part time. Also some of the most common reasons which keeps people out of work are excluded from most loan payment insurance policies including back problems and stress related illness.
The best way to safeguard your loan repayments and give you peace of mind when buying a loan payment insurance policy is to shop around with a standalone specialist such as British Insurance. British Insurance are one of the most ethical providers and can not only help you to make huge savings on a policy, but will also ensure that you get the vital information needed to decide if a policy is suitable for your needs.
