Who should consider it?
If you have a mortgage, you should consider whether taking out Loan Protection Insurance is right for you. It will ensure your family is not burdened with paying off the mortgage if you are diagnosed with a serious illness, become unemployed, terminally ill or pass away.
It can be particularly helpful if:
- You don’t have Income Protection Insurance, or your monthly Income Protection benefit amount wouldn’t be enough to cover your mortgage and living costs.
- You don’t have life insurance, or your benefit wouldn’t be enough to cover your loan.