Bank Loan Insurance  

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Bank Loan Insurance

You may never be sacked but what are your chances of being long-term sick or disabled, or unexpected redundancy?

Think hard about how you would repay debts if you were unable to work in the future.

Bank loan insurance simply means paying a monthly premium to insure your bank loan against the unexpected.

You may already have this as part of your bank loan arrangement, but are you paying too much for it. Compare your current premium to the quote available from the link above, and see if you can save money.

Monthly premiums for the above bank loan insurance is costed per £100 you want covered by the insurance. Furthermore, the bank loan insurance is age related, so the younger you are the cheaper it gets.

Below an article about bank loan insurance provided by the bank:

"One of the biggest mistakes is to buy life insurance from a bank or other mortgage lender. When you arrange a home loan, you are a sitting duck for bank salespeople. As a captive audience, they will try to sell you all kinds of add-ons, such as life insurance, home insurance, health insurance and so on. However, these policies are almost always Donít Buys, not Best Buys, so donít be taken in by the hard sell. Always buy your life insurance from an independent source, such as a whole-of-market broker or adviser."

The Motley Fool website


Bank Loan Insurance

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