Personal Loan Insurance: If you are feeling the need of money immediately to meet your expenses or due to an emergency, then a personal loan can be a better option. Do you know that you can also get personal loan insurance? There are many benefits of getting personal loan insurance. It can prove to be very helpful in saving you from the burden of loan EMI in bad times.
Let us tell you that personal loan insurance is a type of insurance that provides financial security to the person taking a personal loan. It is also called loan protection insurance. This insurance covers the repayment of the loan, especially in those circumstances when the borrower is unable to repay the EMI of the loan due to some reason. To claim this insurance, you have to contact your insurance company. You have to tell the insurance company why you are not able to pay the EMI.
Special Features and Coverage
Life Coverage: With this insurance, the financial responsibilities of your family are reduced by paying the outstanding loan in case of death of the loan taker.
Disability coverage: If the borrower becomes unable to work due to an accident or illness, the insurance will pay back the borrowed amount for that period.
Unemployment coverage: If the borrower loses his job, the policy can pay off the loan for a certain period until he finds a new job.
Benefits of personal loan insurance
Financial security: It protects borrowers and their families from future hardships. There may be situations in the future that can cause financial difficulties.
Peace of mind: Borrowers can manage their money with more confidence, knowing that they have a safety net.
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