Accident, Sickness (Disability) & Unemployment what ever may be the reason for your inability to repay back your loan payment, you can still get a protection against such an inability to pay. Loan payment protection helps you incase of your redundancy situation, when you are unable to pay back your loan due to an accident, unemployment or sickness. Gain protection from any confiscation of your collateral.
You can cover full monthly debt obligation for up to 12 months or some times for up to 24 mortgage payments. Some insurance companies will ask you to wait for 90 days to make a claim while others will only ask for 30 day's waiting period. No one can guarantee stability in their income flow, such uncertainty is prevalent with the people in business. There is a greater risk posed if you are a business person and hence timely payment of loan may not be possible at all times. With bigger mortgage commitments there is a greater risk involved.
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Loan payment protection works at two levels such as:
Helps make regular payments in times of your redundancy
Provides an income supplement to help with some basic monthly expenses
Such loan protection can be availed at your loan lenders in combination with a loan. When you seek a loan be it secured or unsecured, take a loan protection in combination with it. Some lenders offer it at a better rate if you have a loan with them. Or you can even opt for a different lender who offers better rates in comparison to your existing lender. The insured person receives adequate replacement of a portion of monthly income along with a monthly loan payment.
The other option to bank on in times of redundancy and loan arrears to pay back is to seek help from State. But there are certain eligibility factors to be able to claim State benefit. Such State benefit will only help you with the loan interests up to a certain amount and not beyond that. Your savings can also run dry before you recovered or found work.
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