To find the cheapest loan insurance premiums, you have to do a little bit of searching. This can take a lot of time and effort on your part, and quotes can be hard to understand when comparing. A much better way to make sure you get the cheapest premiums is to go with a standalone provider, who will be able to find you cheap loan protection in a fraction of the time it takes you.
Loan protection insurance is taken out to make sure that if you lose your job due to an accident, illness, or being laid off for no reason, you will still get a tax-free monthly income that will allow you to keep making your loan payments each month. The coverage would start after you have been out of work for 30 days or more, and it would pay out for up to 12 months (or 24 months with some providers), which is more than enough time to get back on your feet and back to work.
Most of the time, you can choose whether to get loan protection insurance for accidents, sickness, or unemployment only, or for accidents, sickness, and unemployment all at once. Premiums vary a lot, and if you want to get the cheapest loan protection insurance for peace of mind, it can be very helpful to work with a specialist.
Before you decide to buy cheap loan protection insurance, you should always make sure it's in your best interests. There are many exclusions in a policy and you should always read the small print carefully to ensure you would be able to make a claim. People who are self-employed, retired, only working part time, or have a medical condition that was already there are often not eligible.
Let a standalone provider get you the cheapest premiums when it comes to loan protection insurance but do make sure you understand what is and is not covered when it comes to safeguarding your loan repayments.
