Loan cover guards against the possibility of the policyholder becoming out of work due to accident, long term sickness or involuntary redundancy and cover will usually kick in after you have been out of work for 30 days or more (this varies from provider to provider) (this varies from provider to provider).
Loan payment protection insurance provides a tax free monthly sum and would give you enough to carry on repaying your monthly loan or credit card repayments each month for up to 12 months and with some providers 24 months.
Looking for cheap premiums for your loan cover while getting a quality product can be time consuming even if you know where to begin but if you go with a standalone provider of loan cover then you will be assured of making savings for your cover while getting quality product along with the essential advice that you need to know before taking out loan cover.
