Loan Protection Insurance

The purpose of loan protection insurance is to provide financial support when policyholders are in need. The insured can use this insurance to cover monthly loan payments due to disability.

There are different names for loan protection policies depending on their offers. These all provide very similar coverage in Canada. It is called loan protection insurance. Canada offers several forms of this insurance in conjunction with mortgages, personal loans, or car loans.

Key Takeways

• If the insured cannot pay their debt due to a covered event, loan protection insurance will cover their debt payments.
• Depending on the policy, this might include disability or illness, unemployment, or other hazards.
• Various factors, including your credit history and outstanding debt, may affect the cost of these policies.

These insurance are not very popular in Canada; please call Pankaj Bhatia from Insure In Canada to know more and find out if loan protection insurance is the right tool for you or not.