If you got a loan from a high street lender, they probably tried to sell you their loan protection insurance along with the loan. Hopefully, you knew your rights and options when it came to loan protection and decided to shop around and get the cover on your own if you wanted it. On the other hand, you might have given in or you might not have known that the cover came with the loan. If this is the case, you are probably paying way too much for your loan protection insurance and you might have even bought a policy that you can't hope to use.
If you want to get loan protection insurance, the best thing to do is to go to a specialist who can get you the cheapest quotes for your loan protection.
Loan protection insurance gives you a monthly income that you can use to keep paying your loan payments if you lose your job because of an accident, long-term illness, or being laid off for no reason. The cover would give you a tax-free amount of money that was set at the beginning of the policy based on the quote for the premium. It would start after you had been out of work for at least 30 days and give you money every month for up to 12 months (and with some other providers, for up to 24 months).
As long as you know what a policy covers and what it doesn't cover, as stated in the policy's exclusions, loan protection insurance could not only give you peace of mind, but it could also keep you from having to struggle to find the money each month or getting into more debt.
