How Can Loan Protection Insurance Help You?

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In a perfect world we would all be invincible and go through life having never faced personal life challenges.

In general, planning for the unexpected is something as a society we are now getting a lot better at. We understand that as we get older our financial responsibilities grow as does our risk to falling ill or being out of work for long periods of time. Nobody really knows for sure how things will play out in our lives, that’s what is so exciting about life. One thing that we do have control over is ensure that we protect ourselves against certain risks so we do not feel the financial burdens that can come from these unforseen life events. You need to have a Plan B in place to ensure that you can continue to meet your financial obligations should your circumstances change.

Loan Protection Insurance is designed to help you set yourself up with a Plan B and can assist you in meeting your financial obligations whether you have a bike loan, car loan, camper trailer loan, caravan loan, jet ski loan or boat loan just to name a few.

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What Does Loan Protection Insurance Cover?

When most people take out a loan, the furthest thing from their mind is that they will not be able to meet their repayments for the remainder of the contract. However, unforeseen circumstances can arise which may prevent you from doing exactly that. This can lead to bigger issues and may have an effect on your Credit File for a long period of time. Loan Protection Insurance can be there to help you with your loan repayments until you get back on your feet and in some cases it can even to pay out the remainder of your loan.

There are different levels of cover available for Loan Protection Insurance which can cover you for a variety of circumstances:

Death cover

Disability cover

Death & Disability cover

Disability and Involuntary Unemployment cover

Death, Disability and Involuntary Unemployment cover

What you need to ask yourself is, if you suffered a sudden injury and were unable to work for a period of time, lost your job through no fault of your own or worst case scenario you died, who would be left to take care of the loan. In normal circumstances the responsibility of continuing loan repayments would fall on your and your family’s shoulders which could dramatically affect you and your family.

Loan Protection Insurance can help you and your family by relieving you of the burden of having to continue your repayments for varying periods of time or even pay out the remainder of your loan, with coverage available up to $100,000.


Who Could Benefit from Loan Protection Insurance?

In short, anyone that is setting up any form of finance whether it be for a bike loan, car loan, camper trailer loan, caravan loan, jet ski loan or boat loan could qualify for these loan benefits. Loan Protection Insurance is now more widely understood by consumers as a whole and is definitely a great idea, especially if you are looking for some peace of mind and want to protect your family against potential financial burden.

In Summary

If you are engaged in secured finance, be it for a bike loan, car loan, camper trailer loan, caravan loan, jet ski loan or boat loan it makes a lot of sense to make sure that you and your family are covered if you encounter one of life’s challenges.

For more information on what Loan Protection Insurance can do for you or to get a free quote, speak with one of our accredited and highly experienced insurance consultants on 1300 769 177.


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