Loan Protection Insurance
Loan Protection Insurance
The policy covers the loan repayments if the policy holder cannot work due to accident or sickness, suffers a trauma, or become unemployed through no fault of their own, and will pay the loan out if they pass away.
The four types are described below:
Life Insurance
If the insured passes away the balance of the loan amount will be paid out. read more
Involuntary Unemployment
If the insured were to lose their job through no fault of their own then Involuntary Unemployment will cover the repayments for a period of time.
Disability Cover
Disability insurance will cover the insured if they can't work in the event of sickness or accident, and will pay the repayments.
Trauma Cover
Trauma cover provides the insured with a lump sum payment if in the unfortunate event they suffer from something that is more long term, for example cancer or a stroke.