Licensed Money Lender And Personal Loan Protection Insurance
A personal loan from the right licensed money lender could be used for numerous reasons, like paying medical bills, making large purchases, for home improvements, a vacation trip, or to consolidate debt.
Although personal loans can absolutely be very helpful in realizing those goals, it is also crucial to transact with a licensed money lender like accreditloan.com to ensure a smooth and efficient process, from the loan application to paying-off that loan.
Furthermore, with the right licensed money lender like Accredit Money Lender, you are certain that they carry out their operations in accordance to the law and provide loan options that are suitable for you as well as responsible credit with no hidden charges.
Speaking of fees and rates, although loans may help you out with your short-term goals, loans can come with some fees and typically require you to settle the loan you owe within a certain span of time. And missing a payment can negatively impact your credit score/rating and cause you to pay more interest.
Personal Loan Protection Insurance – What It Typically Covers
This is where personal loan protection insurance comes in particularly when you are unable to fulfill your loan commitments because of circumstances that is out of your control. It helps you cover your loan repayment costs when unforeseen situations occur, such as injury or illness making you incapable to work. This type of insurance is optional and usually purchased during the loan application process or as soon as the policy starts. The coverage of the insurance is dependent on the type of loan you get:
- ACCIDENTAL INJURIES OR SERIOUS/SEVERE SICKNESS – If you become sick or injured and aren’t able to work, based on your policy, you could claim for financial aid to fulfill your loan obligations until it is settled, for a fixed timeframe, or until you are bale to go work again.
- INVOLUNTARY UNEMPLOYMENT – if you involuntarily lose your job, you may be entitled financial assistance for your loan settlements. Again, check your policy/provider for details, especially if your work is contractual or seasonal. Resignation or agreeing to a voluntary redundancy isn’t typically covered.
- DEATH – Certain policies may cover the remainder of your loan obligations in the event that you suddenly pass away. Again, you will have to check on details of the policy regarding pre-existing conditions, suicide and the maximum amount of payout available.
Below are some of the possible exclusions, those that aren’t covered, in terms of personal loan protection insurance:
- Seasonal or contractual employment
- Becoming incapable of working because of pre-existing health conditions
- Quitting, resigning from your job or retirement
- Injuries that are intentional or self-inflicted
- Claims related to war
- Pregnancy and childbirth
If you would want this type of insurance as an add-on, read the policy as well as Terms and Conditions carefully and thoroughly and don’t hesitate to ask your provider questions about it prior to making any commitments.