Loan Protection Also Covers Credit Card Repayments
While loan protection of course protects your loan repayments each month, it would actually also cover any credit card repayments you had to make each month. A policy would protect up to a certain amount of your repayments and the premium would be based on this and also your age at the time of applying for the quote. A policy would provide for you in case you became unemployed through an event such as redundancy. It would also protect against being out of work after being a victim of accident, or if you should suffer sickness that kept you from working.
Meeting your loan repayments or credit card outgoing each month is essential if you do not want to be faced with gaining a County Court Judgment. Even if the lender did not take you to court, you would at the very least have your credit rating affected. If this was to happen then your credit score would take a severe beating and this would remain with you for a long time. All lenders check your credit rating when deciding if you are suitable for a loan and with failing to keep up repayments on a previous loan, you would not be in favour with lenders. It is also harder to repair a credit rating that has declined than it is to see it go downhill.
Loan protection premiums do vary and in some cases this can be by a considerable amount. With this in mind be very wary of protection that is offered by the lender who gives you the loan. If you have got a good deal on the high street for your loan they do not fall into the trap that they will offer you the cheapest quote to protect your borrowing. In the majority of cases this is far from the truth and you can save a great deal of money by shopping around. In some cases, it has been known for your borrowing to almost double when adding in the cover at the time of borrowing.
Also be very wary of believing any lender who tries to tell you that the loan depends on you taking out protection and that is has to be taken with them. For a start you do not have to protect the borrowing and loan cover might not even be suitable for your circumstances in the first place. Secondly if you do want to protect your borrowings then you can choose do so by shopping around independently of the lender for the policy. These are very important factors to remember, as it can be very easy to just have the cover added onto the loan.
Loan protection comes with terms and conditions. These have to be gone over with a fine tooth comb as they hold valuable information regarding exclusions such as how long the policy would last and when it would begin. This will vary greatly with all providers; some will ask you are unemployed or incapacitated for just 30 days, while others ask 90 days. Some providers will allow you 12 monthly repayments while with others it can be 24 months of repayments.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of loan protection.
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