There are many different levels of Loan Protection Insurance. Some types include:
As with all types of insurance it is important to know exactly what you are covered for and be aware of the features of your policy.
Death and Trauma cover will repay the remaining balance of your loan under certain circumstances. The most obvious circumstance is in the event of your death. The last thing your family would want to worry about in such a situation is your outstanding loans. In the event something does happen this product will payout your finance in full so your family do not have to worry. This product also covers certain terminal illnesses such as cancer or heart disease.
Disability cover will cover the total amount of your loan repayments for a specified period of time. this means you don’t have to worry about your finances and can concentrate on getting better and getting back to work. It is important to know how long after you get sick will this cover kick in. we have insurance providers that will cover your loan repayments within 7 days of making your first claim. This means you will not have to jump through hoops when making a claim. There will also not be the need to “back-pay” which could affect your cash flow situation.
Involuntary unemployment cover will cover you in the event you are laid off. Depending on the cover, this can apply to any circumstance, provided you did not leave voluntarily. Finding a new job can be stressful. The last thing you want to worry about is your loan repayments.
Lendo has a wide range of insurers on its panel so compare policies and find the right product for you at the right price.
Speak to a friendly insurance specialist today for a free, no-obligation chat.
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