Payment protection insurance could give you a tax free sum of money each month with which to pay your loan repayments and keep you out of getting into serious debt problems. Payment protection insurance is a generic term for mortgage payment protection, income protection and loan payment protection insurance and all do the same thing which is to be your lifeline if you should come out of work due to accident, long term sickness or unemployment.
Payment protection insurance would begin to give you a monthly income with which to pay your essential outgoings once you have been out of work for 30 days or more and it would continue to give you an income for up to 12 months and with some providers for 24 months. If you take out mortgage payment protection then your home wont be at risk as you would have the money each month to ensure you could keep up with the repayments.
If you want to safeguard your monthly loan repayments then loan payment protection could be suitable when it comes to making sure you can carry on meeting your loan repayments. And income protection gives you a replacement income up to a set amount each month.
The payment protection insurance...
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