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Policy Documents

Monster Insurance advise all customers to read all documents carefully to ensure this policy is right for your needs, but we do appreciate how daunting this can be. We advise that you start with The Policy Summary: This highlights the main features and benefits of the policy

Then we suggest you read the Terms and Conditions: these will outline in full all the Exclusions and Benefits. If you are able to print the document it would be easier to read and you can use a highlighter for any points you need clarification on and then contact Customer Services. Reading the document will only take about 10 minutes but it will ensure you fully understand what you are and are not entitled to claim for.

Both of these documents and the Initial Disclosure are available for reading, downloading or printing:

Policy Summary

Terms and Conditions

Initial Disclosure document

Statement of Demands and Needs


We also advise you read the Statement of Demands and Needs that lists the eligibility criteria for these policies and will help you ensure this is the right policy for you..

Important Note:

It is your responsibility to ensure that our mortgage payment protection (loan payment protection/income payment protection) insurance is suitable to meet your needs. Accordingly, it is therefore very important that you carefully read the policy documentation to enable you to make an informed decision before you apply

 

Frequently Asked Questions
Policy Documents

What is Loan Protection

Loan Protection is an insurance policy you take out to help you pay your monthly loan repayments if accident, sickness or unemployment should cause you to lose your income. You 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.

Why do I need Loan Protection?

Many people do not think what might happen if they were to suddenly lose their income. Those that do consider Mortgage Payment Protection but quite often do not consider their Loan repayments and this could be for a single specific loan, such as a car or bank loan, or for monthly repayments on your credit card. If you lose your income you will still be expected to continue these monthly payments so Loan Protection Insurance will ensure you can continue to pay them until you can get back to work.

Is Loan Protection worth having?

If you do not have savings put aside to tide you over if you were to lose your income then you would be wise to consider Loan Payment Protection. To find out if you do need it you should add together all your monthly outgoings and then see if your savings would continue to pay those monthly outgoings in the event you might be without income for several months. If you consider that your savings are not sufficient then Loan Protection Insurance can 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. However there are exclusion periods attached to these types of payment protection products that state you are not eligible to claim if either before, or during a set period of time from the start date, you were aware of impending redundancy. So it is important to get Loan Protection before you become aware of any potential redundancy.

Loan Protection Insurance

A Loan Protection Insurance will protect your monthly loan repayments if you were to lose your income through unemployment, accident or sickness. Monster Insurance supply 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 as collateral. Monster Insurance offer 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 nobody is really certain of the 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 does not have to get any worse. With unemployment rates set to rise even further it could be a wise move to take the cover now before you may actually need it and not be able to buy it without falling foul of the exclusion periods.

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