Loan Payment Protection Insurance Still Under Investigation By The Fsa
Loan payment protection insurance can give you an income with which to continue meeting your monthly loan repayments each month if you were to find yourself out of work due to suffering from an accident, long term sickness or unemployment by way of involuntary redundancy. While it can be a safety net the cover isnt suitable for all circumstances and if you want it to do the job its designed to do then you have to understand the product and the exclusions within a policy.
The exclusions within loan payment protection insurance are what can stop you from being able to claim on a policy and determines whether the cover is suitable for your circumstances. Some of the most typical exclusions are being in part time work, retired or having suffered from an illness within the last 2 years that is the reason for you being off work when you claim. You do have to check the key facts and small print of loan payment protection insurance policies as they can differ from provider to provider.
Once you have determined the suitability of loan payment protection insurance then it would begin to payout a...
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