Loan Insurance: What is it?

Loan insurance in the UK covers a person’s loan in the event that they are unable to make loan payments because of illness, accident, disability or sudden unemployment. Not all policies are the same, so make sure to shop around in order to find what you need.

Some of the unfortunate circumstances that can be covered include: cancer, death, permanent disability and hospitilisation. Insurance usually covers monthly loan payments for a certain amount of time and the coverage can even continue until the loan is paid off in its entirety. Continue reading