Payment Insurace

Payment Protection Insurance

Life is full of unexpected surprises. Some are good and some are not so good. Some “not so good” surprises routinely come in the form of sickness or accident and are beyond control in most instances. However, the creditors that we’ve made commitments to are never understanding and just want their agreed upon repayment. If you were to have a “not so good” surprise that caused a temporary lapse in work and therefore income, making payments to creditors can be compromised. Wouldn’t it be nice if when that “not so good” surprise occurs, you have no worries about making your car payment? Payment Protection Insurance will pay your monthly payments each month while you recover. You only have to be out for a minimum period of 2 weeks and you never have to pay it back. Insurance is the worst thing in the world to have until you need it. When you need it, it is incredibly valuable and you can’t live without it. Below is a list of benefits of Payment Protection Insurance.

In the event of loss of income due to accident, injury or illness, a fully secured payment that includes Payment Protection Insurance means this:

  • You protect your credit rating during your loss of income for the duration of the loan
  • The co-signer is relieved of the obligation of making the payment
  • The lender is paid directly
  • Benefits are non-taxable
  • You continue on with responsibility of payment once you are released from doctor care and return to work
  • This coverage is valid throughout the duration of the the loan