Taking on a loan when you are in full time work is all well and good while you can continue to pay it back each month. It is when the unexpected happens, and that monthly income you rely on, which you take a big chunk out of to repay your loan, is lost. Suddenly you are faced with having to maintain your loan, your mortgage and any other essential outgoings with the small sum your employer gives you, if any. Loan payment protection insurance would, if you had taken out cover, given you the tax-free income to pay your loan commitment. This would mean at least your loan was covered if nothing else.
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The majority of people who take on a loan realise how important a credit rating is when applying for a loan. Some may have even struggled to get approval for the loan they are now considering taking out protection for. Imagine how hard it would be if you cannot keep up the repayments and your credit rating plummets further. Of course this is nothing compared to the County Court Judgement you could receive for failing to keep up with the repayments.
When you take all this into account it makes a lot of sense to consider protecting your borrowing. If you choose to look around with specialist providers then a policy does not have to cost the earth. Some are cheaper than others and this is why you need to get several quotes to compare. However it is not only the cost of the premiums you need to compare, you also need to compare the start and end dates. The reason for this is that some will begin to provide you with the much needed sum of money after the 30th day of unemployment or incapacity. Others could ask that you stand for up to 90 days. Some pay for 12 consecutive months while with others it is 24 monthly repayments.
You also have to compare the provider themselves, are they well known? Do they provide you with all the answers to your questions? Do their policies frequently top the best-buy charts? All of this can make a huge difference, after all the policy is only as good as the provider that backs it up. A provider should give you all the information relating to a loan payment protection insurance policy before you buy. They should not try to push cover onto you and instead encourage you to get several quotes to find the cheapest premiums. After all if they offer the cheapest premiums then they know you will come back to them after looking around.
Life could become extremely hard during sickness or if you suffered an accident. It can be a devastating blow if you become unemployed through redundancy. You would not want the additional worry and stress of having to struggle to find your loan repayment each month. With loan payment protection insurance you would not have too. All you would have to worry about is yourself and getting fit and well. If you have lost your job you would have security while looking around for another and in some cases this could take some time.
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