Loan Protection Insurance

What is loan protection insurance?

Loans help us fulfill our dreams, they help us financially to build homes, start a business, and pay for our children’s education and more. There are various kinds of loans available in the market and each have their own time frame to repay. However there may be circumstances, beyond our control. When we fail to pay our loan on time. This is where a  loan protection insurance plan can be helpful. Loan protection insurance is a policy that helps a policyholder financially in times of need. If you are unable to pay your loan due to illness or due to an accident that has led to disability. By investing in this insurance you can help pay for your monthly loan and protect yourself from being tagged as a defaulter and protect you Credit. For more details about how loan protection insurance can helpful, please get in touch with us now.

How does loan protection insurance work?

A loan protection insurance policy can help you meet your monthly debts up to a certain amount. A loan insurance provides you protection in case you are unable to pay your loans on time due to illness or Injury. This policy offers short term protection coverage generally ranging from 12 to 24 months and Long range as much as up to Age 65. There may be financially challenging times, such as an accident that may leave you unable to work or an unforeseen expense that may restrict you from paying your monthly loan payment on time, this is when the loan protection insurance Brampton can be your savior. It can help you pay off Mortgage and personal loans as car loans or credit cards Minimum Payment. Please note that you are eligible to invest in this policy only if you are 18-59 years of age and have a regular job at least 21 hours per week and you are either Canadian Citizen or Permanent Canadian Resident.

Why I need loan protection insurance?

Access to credit has become easier for individuals today, however in case of temporary disability, loss of job or accidental death of the borrower repaying the loan may become challenging, stressful and exhausting. A loan protection insurance will provide you financial security in times of need. Whether it is a home loan, car loan or a personal loan, it is always advisable to take a loan protection insurance, this insurance will protect your monthly loan payments. There are a range of loan protection policies, you can rely on us to help you choose a policy that is affordable and provides the coverage that is perfect for you. A loan protection insurance policy will help you maintain your current credit score, by helping you to pay for your loans in times of financial crisis. A loan protection insurance will ensure that your credit score is not affected.

Here are some of the advantages of investing in a loan protection insurance plan:

  • A loan protection insurance can be helpful in case of loss of job, You are unable to work due to disability caused by injury or illness that may prevent you from making your monthly loan payments.
  • A loan protection policy will also offer financial protection to the borrower’s family and reduce the burden of financial obligation to repay the loan.
  • In some cases the loan protection policy may also offer tax benefits.
  • This loan also provides you the liberty to choose from benefit periods of two years, five years or the term of your loans. Also note if you have multiple loans to insure, this loan helps you cover them all and makes payments on your behalf when you are unable to do so.

What kind of loans payments does this plan cover?

A loan protection can help you pay for any fixed term loan with regular payments. You can rely on this policy to make payments for financial institutions, mortgages, line of credit, leverage loan for investment purposes, loans for car, boat or motorcycle, lease or purchase, personal loan, student loan, credit cards, rent and much more. Please note that the coverage is limited and premium depends upon the age of the applicant and their Health. This particular insurance plan is fully underwritten and premium will also depends upon your occupations.

Is loan protection insurance worth it?

Loan protection insurance is designed and crafted to help you cover monthly loan payments in times of need. It protects you from default in the event of inability due to Illness or Injury and even accidental death. A loan protection insurance can help you make your monthly payment towards your mortgage for a new home, personal loan, car loan and much more

What is the eligibility to get the loan protection insurance plan?

In order to be eligible to get the loan protection insurance plan, the individual must be between the ages of 18 to 59. The applicant works for at least 21 hours per Week on a regular basis. Also note that the person investing in the loan protection policy must meet all the underwriting criteria. Get in touch with us now for more details, our team is here to help you with all your needs.

  • The applicant should be between ages 18 to 59.
  • Should work for at least 21 hours per week.
  • 8 month per year totally 1050 hours or
  • 4 Month per year totally 1050 Hours
  • Should meet the underwriting Criteria, it is on the basis of your heath and occupation of the applicant.

How does this plan protect me?

Life can be uncertain, our team understands that you may have taken various loans to help build a new home, buy a new car or pay for the education of your child. However, even though you may have your finances well planned, an accident or a loss of job may leave you helpless and financially unstable. By investing in a loan protection insurance, you can protect yourself and your family from the financial burden of paying for loans during your difficult times. A loan protection insurance will assist you to make your monthly loan payments with ease. For more details about the benefits of investing in a loan protection insurance, please get in touch with our experts now. Our team will be happy to explain the insurance in detail.

What are the benefits of loan protection insurance?

There are number of benefits of investing in a loan protection insurance. You are underwritten for your insurance upfront, insurance is independent of your creditor(s). All the benefits incurred from the loan protection insurance is payable directly to you, not to your bank. A loan protection insurance provides you the flexibility to choose your coverage options and choose any coverage or combination such as disability plus life and/or critical illness. If you are unsure if loan protection insurance is right for you or you need assistance to apply for a loan protection insurance, please get in touch with our team of professionals now.

Are you looking for loan protection insurance? Do you need advice on how to choose the right insurance policy? Look no further and get in touch with our experts now. We are here to help you with all your insurance requirements.

FAQ

If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.

Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.

The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.

Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.

You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.

In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.

In Whole Life Insurance, a part of your premium builds a cash value which can be borrowed against the Insurance. It is a tax-deferred amount. The cash value also acts as a collateral to enable you to avail a loan from the third party.

Need Help With The Policies? Call us!

416 543 9000

We are available 24x7 at your service

Our customers love us. Don’t take our words for it

See for yourself what they have to say about us

Still not sure? Download Loan Protection Insurance Guide for FREE

Contact us