Health Insurance

Insurance sometimes offered by lenders which provides financial protection in case of sickness or accidental injury. Generally poor value. Your chances of obtaining credit are no different if you take this option up or not. The policy will pay a monthly tax-free income for a set length of time and will pay as long as doctors agree that you are unable to work for health reasons. The insurers limit the amount of cover you can have so that you have an incentive to get back to work. Also there will normally be a period you have to wait before claiming to ensure that your claim is legitimate and not just for a minor ailment.

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 such as a year however most policies will offer cover until retirement age, although this will increase the premium of the policy.

Jargon Buster

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