total jobs On FinancialServicesCrossing

103,347

new jobs this week On EmploymentCrossing

618

total jobs on EmploymentCrossing network available to our members

1,474,712

job type count

On FinancialServicesCrossing

When Should You Get Loan Insurance?

0 Views
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Summary: Loan insurance is a product that everybody will be offered when they buy a loan, or might even have included in their loan package without them really knowing about it. If you are in the process of looking for a loan or want to know more about loan insurance, then this article will help you to decide which policy if any is right for you. What is loan insurance? Loan insurance is often referred to as PPI, or Payment Protection Insurance. Loan companies will urge you to g...

Loan insurance is a product that everybody will be offered when they buy a loan, or might even have included in their loan package without them really knowing about it. If you are in the process of looking for a loan or want to know more about loan insurance, then this article will help you to decide which policy if any is right for you. What is loan insurance? Loan insurance is often referred to as PPI, or Payment Protection Insurance. Loan companies will urge you to get this insurance to cover yourself in case you cannot keep up with your repayments due to accident, illness or unemployment. The terms of these loan insurance policies varies from one company to another, and you should check out the policy thoroughly before signing anything. What are the advantages? The obvious advantage of loan insurance is that if anything should happen to you that stops you from keeping up with repayments, your loan insurance might be able to help you pay off some of the debt. This gives you peace of mind, knowing that you are covered if the worst should happen. It will cost you a fair amount of money, but if it keeps you covered against possible default if you are taken ill and cannot work, then it is probably worth the money. But is it really that simple? Problems with loan insurance Although there are cases when loan insurance is appropriate, there are many cases where you will not be covered by your policy. For example, many self-employed people will never be covered by their policies when they are unemployed, unless their company has completely ceased to trade. The criteria for cover are very strict, and you may find that there is very little in the policy that will apply to you and your circumstances. Are there alternatives? There are alternatives to loan insurance, with the main one being not to get the insurance at all. The insurance can add a significant amount onto the loan price without giving you many benefits. However, if you feel that you need cover then look for an independent insurance policy for your loan, which is generally cheaper. Also, you can check your other current insurance policies to make sure that you are not already covered by these policies. Should anyone get loan insurance? Although it can be expensive and limited, if you think that loan insurance will give you the peace of mind you want and that the policy will cover your circumstances, then take out a policy. Although many are a waste of money, there are policies that can help you in times of need, and you should look at the policy before accepting or rejecting it. This will help you to get the best deal for your loan, and to make sure you are covered in case you cannot keep up with repayments for some reason.
If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.



EmploymentCrossing provides an excellent service. I have recommended the website to many people..
Laurie H - Dallas, TX
  • All we do is research jobs.
  • Our team of researchers, programmers, and analysts find you jobs from over 1,000 career pages and other sources
  • Our members get more interviews and jobs than people who use "public job boards"
Shoot for the moon. Even if you miss it, you will land among the stars.
FinancialServicesCrossing - #1 Job Aggregation and Private Job-Opening Research Service — The Most Quality Jobs Anywhere
FinancialServicesCrossing is the first job consolidation service in the employment industry to seek to include every job that exists in the world.
Copyright © 2024 FinancialServicesCrossing - All rights reserved. 21