Loan payment insurance will protect your loan repayments in the event of accident, sickness or unemployment. These types of policy will generally payout for up to 12 months in the event you are unable to work, hopefully giving you enough time to get back on your feet. After this period the loan payments will stop.

Loan payment insurance can be offered by the loan company or finance company. These tend to be pushed hard and you will be encouraged to apply. However, they can be of poor quality with very high premiums.

By taking out an independent Loan payment insurance you are in control. The loan insurance is separate from the loan itself so you can change the cover or even stop it whenever you wish.

Loan payment insurance is generically an accident, sickness and unemployment (ASU) policy. By its nature, Loan payment insurance will have monthly insurance premiums taken by direct debit and the policy will automaticaly renew each year until you decide otherwise.

British Insurance Limited is one of the UK’s leading providers of good quality Loan payment insurance and income protection insurance.