How can we help you with loan protection insurance today?
- Loan protection is a form of income protection that can insure your repayments in case you lose your job or find yourself unable to work
- When you can claim and how much cover you have will depend on your policy and you should look out for exclusions
- Consider state benefits plus other income protection, critical illness and life insurance options before committing
Compare income protection insurance to cover your loans with our partner ActiveQuote and get quotes from leading UK insurers using advanced comparison software.
ActiveQuote also offers free, independent advice from its team of product specialists.
Loan insurance is a form of short-term income protection that can cover your debt repayments if you're unable to work due to accident and sickness, unemployment, or accident, sickness and unemployment (ASU).
Some income protection policies can offer much longer-term cover than that - our comparison software helps you look at these options alongside shorter-term options and to filter the available products according to your own needs and desires.
You choose how much you receive as a monthly benefit, bearing in mind that you can typically protect up to 70% of your gross annual income (payouts will normally be tax free).
Some insurers also offer the option of protecting the value of any employment benefits such as a company car or private health insurance.
Such benefits may also be known as benefits in kind, or P11D benefits.
Consider how much of that you want to insure as the amount of cover you choose will be reflected in your monthly premiums.
Our comparison software will ask you to enter your personal details, gross annual salary and desired level of cover.
You'll also be asked details about your current employment situation such as your occupation, how many hours you work, whether you're a temporary or permanent employee, and how long you've been in continuous employment.
On the results page you can compare each policy in an easy-to-use table that displays details of the monthly benefit, policy and benefit term and waiting period, plus background information on each product provider.
Subject to your circumstances, you'll either have the opportunity to purchase online or be given a number to speak to the insurance provider about your chosen product.
For further information you can talk to one of ActiveQuote's team of product specialists for free, impartial advice that can help you find the right policy suited to your budget and needs.
Did you know...?
- In October 2013 the estimated average debt UK consumers had in personal loans, car finance, overdrafts and unpaid store and credit cards was £3,249
If you'd rather do your own research, you could try our income protection guides, including frequently asked questions.
These can help you with the basics, such as whether you need loan protection insurance, how much premiums cost, how long you can claim loan insurance for, and how much a policy will pay out a month.
There's plenty to read about product areas such as debt repayments, wait periods and policy lengths, and you can find out more about typical exclusions, plus other things you should look out for before making your decision. Note that if you're receiving income protection payouts you may not be eligible for certain government benefits.