Description
This article explains what consumer credit insurance is and how it works. It discusses if it is necessary and lists possible alternatives.
Introduction
Consumer credit insurance, also called loan or mortgage protection insurance, helps you meet repayments on a mortgage, personal loan, credit card or other loan contract if you lose your job, cannot work due to illness or injury, or die. It may also cover theft of your credit card or even replacement of faulty goods you have purchased with a credit card.
It’s often sold when the loan or credit card is set up but it’s your choice, as a borrower, to decide if you want or need this cover. Many people have it without knowing, so it’s worth checking your loan contracts to see if you are covered - and what you are paying for it.
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