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This award winning Loan Insurance is designed
to protect the loan repayments you make to your
finance company if you lose your job due to involuntary
unemployment, redundancy and/or are unable to
work due to a disability (accident or sickness),
you suffer a specified critical illness or you
die.
Our Age-related loan payment protection
insurance gives exceptionally low
cost cover to young and middle-aged people who
want to protect their loan repayments against
being unable to work due to illness, injury or
involuntary unemployment, but prefer paying cheaper
premiums.
The cost is based on the monthly loan payment
you want to cover and your age at the time you
take out the cover.
The premium you pay does not
rise as you grow older.
Claim payments are made
if you have been off of work for 30 consecutive
days and are backdated to day one of your claim,
with a maximum of 12 months payments.
This Loan Insurance will:
- repay your monthly loan amount in the event
of your involuntary unemployment or disability
for up to 12 months or to the end of your loan
agreement, whichever is earlier;
- repay your outstanding loan balance in the
event of your death or you being diagnosed with
a specified critical illness.
The plan ends if we pay out the balance of your
loan in the event of your death or critical illness.
Who needs Loan Repayment Insurance?
Just consider these worrying statistics about
unemployment and disability in the UK:
- 1200 families have their home repossessed in
the Uk in the first quarter of 2009.
The majority of these repossessions are because
of the financial hardship caused by unemployment
due to the credit crunch.
- 20% of all working age households (3.8million)
have someone who is currently out of work.
- Every day 500 people loose their job through
redundancy. Nearly 80% of unemployed men and
50% of unemployed women will be out of work
for over 6 months.
- A third of all people aged between 26-37 have
experienced unemployment for a period exceeding
2 months. Due to the current economic crisis
- this is expected to double
- Every day 3,500 people will attempt to claim
State Disability Benefits.
- Nearly 3 million people are disabled and have
been unable to work for a year or more.
Source: Department of Work and Pensions, 2009
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