You can use our Income Protection Insurance (ASU) to cover your loan
from 60p per £100 pm benefit
Use this policy to protect your loan payment
Or, as it is an income payment protection insurance policy, you can use it to cover all or any of your monthly outgoings as well as your loan payment.
Why is that important?
If you lose your income a standard loan payment protection insurance policy will only pay your monthly loan related costs leaving you to personally fund your other monthly expenses such as food, credit cards, utility bills or council tax either from savings or debt, a fact that many people forget.
Nov 2007 recommended by Martin Lewis, MoneySavingExpert
"AntInsurance (technically income protection but simply apply for the amount of cover which matches your monthly repayment) is cheapest for anyone under 50."
Why is this policy more flexible than loan or mortgage only protection ?
- A standard loan or mortgage protection policy will only pay your monthly loan or mortgage leaving consumers alone to fund their other monthly expenses either from savings or debt.
- Income protection can be used to fund the monthly loan as well as other living expenses such as council tax, rent, utility bills, mortgage, transport and food, rarely considered by consumers.
- Income protection pay-outs are based on consumers monthly "income" and not on the amount of their mortgage or loan repayments so consumers can cover larger monthly amounts to enable them to maintain their own and their families way of life and avoid falling into debt.
- Monthly benefits are paid directly to the consumer and can be used for any purpose such as loan protection as well as cover for credit cards, rent, utility bills, food, mortgage and transport, in fact anything.
- Standard loan protection, as supplied elsewhere, is tied to your loan so if you change loan providers your premiums might increase, particularly if your LPPI policy is age banded or if a previous illness is now classed as a 'pre existing condition'. Unlike standard LPPI this income protection policy is not tied to any particular loan so you don't need to change your policy if you move your loan.
