What is loan protection insurance?
Loan Protection Insurance also known as Consumer Credit Insurance is designed to assist you in meeting your finance contract repayments in the event of specific changes to your personal circumstances.
It can assist you in meeting your repayments in the event of changes to your health, employment status or as a result of your death. We never know what lies around the corner so it pays to be covered and protect your investment.
The insurance provide is designed to assist with your vehicle loan repayments in the event of any of the following circumstances occurring:
If you die
If you suffer a Traumatic Event and satisfy the definition of that Traumatic Event as contained in the PDS,
If you become involuntarily unemployed, or
If you are unable to work due to accident or sickness.
What are the benefits of Loan Protection Insurance
You will protect your investment by ensuring you are covered in unforeseen circumstances such as involuntary employment, trauma or if you are unable to work due to an unforeseen accident or sickness.
You will protect your credit rating and avoid late payments on your vehicle that could not otherwise be avoided without this loan protection insurance.
The nominal premium can be factored into your loan repayments making a small worthwhile difference to your monthly repayments.
Should I get Loan Protection Insurance?
Loan Protection Insurance is a good option to consider if you are concerned that your personal circumstances may change or if you want the peace of mind knowing that in the event of bad luck, that you can still maintain your loan repayments to avoid ruining your credit file or having your vehicle repossessed.
What's the Yellow Line?
Loan Protection Insurance should be considered by all customers who finance a motor vehicle and want peace of mind and protection from financial exposure in the event of unforeseen circumstances that may effect your ability to maintain future loan repayments.
One of our insurance specialists can provide you with all the information you need to make the decision on the best insurance cover for you.
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