Just as you would go with a big name in electrical supplies if you were looking to buy a new TV set so you should go with a specialist provider when it comes to looking for loan cover. Loan cover can give you peace of mind and the security of an income in the event of you becoming unable to work, but you have to choose it wisely.
Just as with anything you buy there can be pitfalls and with loan cover it is the exclusions in a policy which can cause problems if you have not checked them against your circumstances. There are certain conditions which could mean that loan cover would not be suitable, if you are retired, self-employed, suffer a pre-existing medical condition or only work in a part time position.
When bought correctly with the exclusions in mind, loan cover can give you the income each month if you were to lose your own through coming out of work due to an illness, if you were to suffer an accident or should become unemployed. The cover would kick in with a tax free income to cover yours up to a certain amount each month once you had been out of work for between 31 and 90 days dependant on the provider. A policy would then continue to provide you with...
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