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.

Loan protection insurance (co-branded as lifestyle protection) can be used to help meet your monthly loan repayment should you lose your income due to accident, sickness or unemployment. However lifestyle protection can also be used to help towards mortgage payments as well, however lifestyle protection rates tend to be slightly higher than mortgage protection.

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.