Loan protection Insurance Brampton | Loan protection Insurance mississauga

Loan Protection insurance

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A loan funds your dreams. They help borrowers financially in helping them build their dream home, start a business, and pay for their children’s post-secondary education. There are several kinds of loans available in the market, and every one of them has its timeframe to repay the loan amount. However, due to circumstances that are not in our control such as an accident, disability, illness etc., may force us to not pay our loan on time. This is where loan protection insurance comes into the picture. Loan protection insurance is a policy that helps the owner of the insurance plan financially in their time of need. Investing in this insurance plan helps protect you from being classed as a defaulter and most importantly protect your credit score. To find out more information, or if you need to buy loan protection insurance in Brampton, please get in touch with Harjinder Sandhu now.

How does this insurance plan work?

This insurance policy can help meet all your monthly debts up to a certain amount. A loan insurance protection plan protects you in the event you are unable to pay for your loans due to an injury or illness. This plan provides short-term protection usually ranging from 12 months to 24 months, and for the long-term as much as up to 65 months. During challenging times, loan protection insurance in Mississauga can be your saving grace by helping pay off your car loans or minimum credit card bill payments. Bear in mind, you are only eligible to purchase loan protection insurance if you are above 18 years of age, and have a job that you are employed for a minimum of 21 hours a week. You must also be a permanent resident or a Canadian citizen.

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Why is it important to have loan protection insurance?

In today’s day and age, access to credit has become a lot easier for people today. However, in the case of individuals with a temporary disability, or accidental death of the borrower, it can be a financially stressful task to repay the loan amount. A loan protection insurance provides much needed financial security in times of need. Whether it is a credit card bill, personal loan, home loan, or even a car loan, it is highly advisable to purchase loan protection insurance. There is a wide range of loan protection insurance plans, and you can rely on Harjinder Sandhu to help you choose the right plan that is not only affordable but also meets your specific needs. Additionally, this insurance policy also helps maintain your credit score in these trying times ensuring that it does not get affected.


Advantages of investing in a loan protection insurance plan:

  • In case you lose your job due to unfortunate circumstances, loan protection insurance can be extremely helpful in these instances.

  • It also provides financial protection to the borrower’s family and significantly reduces their financial burden to repay the loan.

  • In some instances, a loan protection policy may offer certain tax benefits.

  • A loan protection insurance also gives you the liberty to choose two years, five years based on your needs. If you have many loans to insure, Harjinder Sandhu can cover them all and makes the payments on your behalf if you are unable to do so. For loan protection insurance in Brampton, you know who to call to schedule an appointment.

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    Things to bear in mind when applying for loan protection insurance:

    Before you choose to purchase loan protection insurance on a home loan or car loan, you must carefully review the details written in the certificate of insurance. You will find information like:

    • The cost

    • The coverage

    • The requirements needed to make a claim

    • Limitations and restrictions of the insurance policy.

    The million-dollar question? Is loan protection insurance worth it?

    This insurance plan is created to help you cover your monthly payments in times of financial crisis. It protects you from defaulting when you are ill or injured that has left you temporarily or permanently disabled by helping you make your monthly payments without stressing a lot about the finances. For more information on the benefits of investing in loan protection insurance in Mississauga, please do not hesitate to get in touch with Harjinder Sandhu. He will be more than delighted to explain this insurance plan in detail.