Important Facts about Loan Payment Protection Insurance

The need for Loan Payment Protection Insurance

No one knows what the future will hold and if you become unemployed or need to look after a partner, spouse, parent or child full time or you were disabled due to an accident or sickness (Disability) you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive a small percentage of their normal income.

Loan payment protection insurance can provide protection in the event of Death, Terminal Illness, Carer, Hospitalisation, Accident & Sickness (Disability) and Involuntary Unemployment.

Some facts about loan protection cover

Cover for Accident, Sickness (Disability), Involuntary Unemployment, Hospitalisation or Carer Cover in respect of your loan repayments and other regular monthly commitments:

Loan Protection : Cover available via this loan payment protection insurance policy is for the amount of your monthly loan repayments plus up to an additional 100% for other monthly commitments.

Loan Protection UK : Maximum loan payment protection benefit available via this loan payment protection insurance policy is £2500 per month or 75% of your normal monthly income, whichever is the lesser for Accident, Sickness (Disability) or Unemployment.

Loan Payment Protection : Maximum loan payment protection Benefit Period via this loan payment protection insurance policy is 12 months in any one claim period.

Loan Payment Protection UK : The first month's loan payment protection benefit is paid after 30 days, back dated to Day One.

Loan Protection Insurance : All loan payment protection claims for Accident, Sickness (Disability) and Involuntary Unemployment paid via this loan payment protection insurance policy on a daily basis, monthly in arrears.

Loan Protection Insurance UK : Two months Carer benefit paid via this loan payment protection insurance policy after 60 days and then on a daily basis monthly in arrears.

Loan Payment Protection Insurance: One months Hospitalisation benefit paid via this loan payment protection insurance policy after 7 days and thereafter on a daily basis monthly in arrears from day 30.

Loan Payment Protection Insurance UK : If you select the LASU cover option of this loan payment protection insurance policy this benefit provides cover up to the limit you have chosen (either £30K or £60K) or the outstanding balance of your loan agreement (excluding any arrears) whichever is the lesser amount in the event of your death or diagnosis of a terminal illness.

Loan Payment Insurance : There is a 3 month re-qualification period after each claim.

The risks of this loan payment protection insurance policy are underwritten by Brit Insurance Limited in respect of disability and unemployment, and Sterling Life Limited in respect of Life and terminal illness.