No one knows what the future will bring - which is why many people choose to take out loan insurance through a payment protection insurance plan.
If you have suddenly become ill, injured or unemployed and you can no longer make payments on your loan, Payment Protection loan insurance will take over your payments without you having to worry.
Protecting your loans
Loan insurance protection plans offer you stability in knowing that if you become injured and are forced to stop working, or you become unemployed through no fault of your own, you will be able to make payments on your loan even though you have no incoming funds.
However, not everyone is eligible for PPI loan insurance. If you are in casual or temporary employment or you have any current medical conditions, it might be harder to obtain a payment protection insurance plan for a loan.
If you would like to know more about loan insurance, Legal Advice Helpline has information on loan insurance including the advantages and disadvantages of insuring your loans.
Getting help on insuring your loan
It is important to seek advice when it comes to loans. Although you are not obliged to purchase loan insurance, it can be a good investment to help protect your loan repayments.
If you would like to get comparative costs between your lender and what the independent companies can offer then click here.
Not happy with your loan insurance and want to make a complaint?
If you already have PPI for your loan insurance and would like to complain, Legal Advice Helpline has information on the Payment Protection Insurance complaints procedure.