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 Posted: Mon Aug 24, 2009 12:00 pm Post subject: loan protection coverage |
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Hi..what's a loan protection insurance? What are the benefits? Plasticmind
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Plasticmind
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| Posted: Tue Aug 25, 2009 6:33 am Post subject: |
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Hi,
This is a type of insurance that helps you cope with your loan repayments. I'm sure you'll find it helpful towards saving your income.
If you'll suffer from involuntary income loss, then this policy comes to help you by paying for your monthly installments. That might include payments towards your mortgage, furniture, car etc. Roddick |
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roddick
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| Posted: Wed Aug 26, 2009 9:51 am Post subject: |
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You may use it like a financial contingency plan. Determine the risks that are associated with you. Redundancy is very much there, but you also have the risks related with accidental damages and injuries. Even when you're covered by a beneficial accident insurance coverage, it becomes absolutely necessary for you to determine what all you need to get covered under the worst circumstances.
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anonymous00
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| Posted: Thu Aug 27, 2009 9:51 am Post subject: |
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Sometimes such payments are made directly to the loan companies and the payments may carry on till we find an income replacement. Some of these policies may even cover for 24 months. It surely helps us to get covered for our uncertainties.
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Oomphall
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| Posted: Fri Aug 28, 2009 10:41 am Post subject: insurance |
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| 'Loan Protection'? Can it be used for Auto, home, etc? Is this a 'seperate' policy you need to buy, etc? |
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sdchargersfan
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| Posted: Fri Aug 28, 2009 12:22 pm Post subject: |
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It's a form of insurance and you need to pay for it. It can be used for car or mortgage payments.
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Oomphall
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| Posted: Sat Aug 29, 2009 10:02 am Post subject: |
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Before purchasing such insurance you should go through the policy clauses carefully. Always remember that this coverage is intended to your income loss arising out of involuntary circumstances. Such circumstances may be associated with accidents, sickness or redundancy, but this coverage is not intended to cover the decisions that you take. Natural events like resigning from your job or being pregnant won't be considered for claims.
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Pinkfloydfan
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