Health Insurance

What is Health Insurance?

Health Insurance is sometimes offered by lenders to provide financial protection in the event of sickness or accidental injury. The chances of your application being accepted are not affected if you do not to choose this option and as such you shouldn’t be pressured into choosing it. Health insurance on a loan is a form of Payment Protection Insurance.

While these policies can help some customers make loan payments, they may not suit everyone: for example, you need to be off work for a set amount of time before the payments can kick in to insure you actually are unfit for work. Similarly, there is a limit to how long the insurers will provide cover so you can’t end up relying on them entirely to repay the loan.

Premiums are either paid as an initial lump sum or on top of your monthly repayments. The term that it runs for can be limited to specific period however most policies will offer cover until retirement age, although this may increase the premium of the policy.

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