LIFESTYLE PROTECTION INSURANCE
Cover up to £3000 or 90% of your net monthly income
Monthly cover (£)
Obtain an indicative quote for 12 month benefit period

Protect your mortgage, loans & other regular commitments
Type of cover
Waiting period
Your age

Loan Protection Insurance

Loan protection insurance is one of the wide range of options included within this lifestyle protection policy. It protects your monthly personal loan or secured loan payments in the event of accident, sickness or unemployment. If you are seeking loan protection insurance alone, then simply insure for the amount that covers your monthly loan payments. If you are seeking protection for more than just your loan payment, you can take loan protection insurance but also cover your other regular commitments such as mortgage, council tax, motor or retail finance and utility bills within the same lifestyle protection policy.

  • First month FREE
  • Cover up to £3,000 or 90% of your net salary
  • Unemployment only cover is available, as well as accident, sickness and unemployment and accident and sickness only options
  • Cover is available to the Self-Employed
  • The is no requirement for you to have been in your job for 12 months prior to taking cover
  • Unlike many other low-cost providers, we have no hidden admin fees
  • Underwritten at Lloyd’s of London

What common exclusions do NOT apply to our policy?

  • Hobby or job exclusions
  • Backache exclusion
  • Cosmetic or elective surgery exclusion
  • HIV or Post-Viral disability exclusion
  • Dismissal exclusion
Frequently Asked Questions
Policy Documents

What is Loan Protection

Loan Protection insurance is one of the wide range of options included within this lifestyle protection policy. You can join the scheme to help you pay your monthly loan repayments in the event of accident, sickness or unemployment preventing you from working resulting in a loss of your income.  You may simply use your Loan Protection Insurance to cover the monthly amount you pay for the loan and then cancel your insurance policy when the loan is paid off. Alternatively you can add other regular monthly commitments to your cover and keep the insurance for your whole working life.

Why do I need Loan Protection?

Many people fail to consider what might happen if they were to lose their income but a legitimate question to ask is, who will pay my loan payments if I can't?  Mortgage Payment Protection is a popular product but quite often consumers with such cover do not consider their loan payments as well and this is included in the list of commitments that must be met whether you are working or not. If you lost your income you will still be expected to continue the payments towards your loan so Loan Protection Insurance will ensure you can continue to meet your obligations until you can get back on your feet.

Is Loan Protection worth having?

If you do not have savings put aside to tide you over if you were to lose your income and you were willing to spend it, then perhaps Loan Payment Protection is not necessarily the right policy for you but you have to decide.  Why not add together all your monthly outgoings and then see if your savings would continue to pay those monthly outgoings and maintain your lifestyle for up to 12 or 18 months. If you consider your savings are not sufficient then Loan Protection Insurance can help safeguard the loan you may have taken on your car or continue to pay the bank loan that is still outstanding.

When should I buy Loan Protection Insurance?

You must have a loan in place to take out Loan Protection Insurance and be able to prove it exists in the event of a claim. In order to qualify customers must satisfy the following simple criteria: Aged between 18 and less than 63 on the start date of the policy, in full time work (16 hours a week or more) and living in the UK, not off work due to ill health, must have regular, identifiable financial commitments and unaware of any impending unemployment, or potential failure of the self employed persons’ business. It is therefore important to be covered by a Loan Protection Insurance policy before you become aware of any potential redundancy.

Loan Protection Insurance

A Loan Protection Insurance Policy will protect your monthly loan repayments if you were to lose your income through unemployment, accident or sickness. Monster Insurance supplies a Loan Protection policy that will allow you to choose your monthly benefit period to fit your income and your personal needs.

Protecting the monthly repayments on a loan with Loan Protection is important if your salary were to suddenly stop. You may be nearing the end of the repayment period but failure to complete the payments could result in your car being re-possessed if it was a car loan, or your house being re-possessed if you had used it to support a secured loan. Monster Insurance offers very competitive premium rates so you could insure your monthly repayments for just a few pounds and have peace of mind your loan is safe.

The recent uncertainty in the financial world and the resulting high level of unemployment has meant that few can be certain of job security. Taking our Loan Protection Insurance is a sensible option to ensure that if you were to lose your income an already stressful and difficult situation would not be made worse due to loss of salary.

Up Down