Friday, April 29, 2011

Now Insurance cover for your loans

We have all personally seen and even sometimes been privy to plenty of stories where people have taken more debt than they can handle. Debt management if not taken seriously can ruin lives. Many families and marriages have been the victims of debt spiraling out of control.

Well, there is a solution, and it is called “Loan Insurance”. Loan protection insurance or loan payment protection Insurance, as it is called by some, pays your loan instalments if you become unemployed or suffer disabling injury or become bedridden. Furthermore, in the unfortunate event of your death, this insurance will settle up your outstanding loan balance, thus sparing your family the financial trauma of paying off the loans.

This form of Insurance can be used on home loans, car loans and in some cases personal loans as well. Just like other insurances, you have to pay a premium for it but there are a few banks, which offer it free with their loans. The premium for loan Insurance depends on various factors such as:
     Loan Amount
     Medical Records
     Repayment plan
It can prove to be a very handy financial tool during the financial ups and downs in one’s life. It can take care of the installments as well as the outstanding loan amount.

For more detailed information regarding which banks offer such Insurance and those banks which offer it for free, call us on our toll free number.

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