Misterpopo - The Financial Expert

Loan protection insurance, or loan payment protection insurance, is a form of payment protection insurance. This type of insurance can help you protect your monthly loan payments if you become unemployed or suffer an accident or sickness.  Loan protection insurance can cover mortgages, credit card debt and consumer loans. The greater the loan balance, the higher the loan protection insurance rates. The loan protection insurance policy term is the duration of the loan.

Loan protection insurance will typically be used to protect a personal loan, car loan or car finance agreement. These finance companies will offer loan protection insurance as part of the loan as they earn commission on each policy sold. However, the premiums (and commissions) are high so shop around to save money. Loan insurance  is available as a stand alone separate policy.

Policies are generally available to people between 18 and 65 who are actively working. In the event of being unable to work, the policy will pay a monthly benefit to you for a maximum of 12 or 24 months. These loan insurance plans are General Insurance policies and as such do not accrue any positive cash value.

Loan Protection Insurance as Life Insurance
Consumers can apply for loan protection insurance. Banks can also take out loan protection insurance in case the borrower dies before paying off the loan. This insurance allows the surviving spouse to inherit the property without outstanding debt. Loan protection insurance for credit card debt ensures that a surviving spouse is not left to pay off the debts of the deceased.

Loan Protection Insurance as Unemployment Insurance
Loan protection insurance policies can be written to allow deferred payments or skipped payments in case of long-term unemployment. However, loan protection insurance frequently does not cover periods of unemployment for the self-employed.

Loan Protection Insurance as Disability Insurance
Loan protection insurance policies can be used to pay off the outstanding debts due when a person is disabled. The insurance policy may require certification of the disability before paying off the debt.

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