Payment protection covers products such as car finance, house finance, credit cards, monthly pay outs and any other borrowings from the bank. If you have to make monthly payments on these and you will be protected by this insurance cover if you are out of work, due to sickness, lay off or accident.
How does such an insurance help you?
It helps you stay calm even during a financial crisis. If you have met with an accident, have fallen ill or have lost your job, you need not worry about your monthly payments. Insurance on their payments will help you.
What are the other coverages which come under this insurance?
Other protection coverages are: Mortgage payment protection, income protection and unemployment protection insurance.
How can you protect your income when uncertainty strikes you?
You can protect your income in times of uncertainty such as an accident, illness and lay offs. Even in such a crisis situation you can easily pay off your grocery bills, loan payment, medical bills, credit card bill etc.
What are two level coverages that you get?
Loan payment protection works at two levels such as:
-It helps make regular monthly payments even in times of your inability to work.
-Also makes an income supplement to help meet your basic monthly expenditures.
Can you cover your rental bills under this insurance?
Yes, it covers your rent bills, and other payments such as house hold bills, credit card payments, grocery bills and other loan payments.
Will this safe guard your house pledged as a collateral against the mortgage loan?
Yes, of course it will safeguard your collateral as there would not be any mortgage defaults. Your loans will be paid on time and no creditor can confiscate your house on any grounds. Insurance will protect your house by making timely payments even when you are redundant.
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