i had a loan off the bank, and then lost my job, now cant afford pay it back, but took out the loan insurance at the same time, they've said i might be able claim, how does this work and how much of the loan will they repay?
2006-12-12 22:47:57 · 3 answers · asked by Anonymous in Business & Finance ➔ Insurance
it was for £3000
2006-12-12 22:56:50 · update #1
Check your policy to see if it covers that point as some of them will only cover accident or sickness?
Then check to see if they pay for one or two years or term of the loan?
If it is a good company they should be ok to work with if it is a bad company look a another job asap?
WHen it comes to insurance always buy from someone who has your interest at heart not the commission.
Need any more info contact me
Insurance Specialist
2006-12-14 03:34:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
usually they pay full monthly loan amount for length of time you are off. If you didn't loss your job due to involuntary redundancy then your probably not eligible, it depends who you took loan with the time in which they begin to pay out differs compared to different companies. For bank i work for they pay out after 15 days but back date it to the first day you were made redundant, if u want to ask anything else, email me my yahoo id @yahoo.com
hope this helps
2006-12-12 22:59:01 · answer #2 · answered by yma 2 · 0⤊ 0⤋
if losing the job cud be the reason for the insurers to cover ur debt, i mean if it was in the contract then they shud make ur monthly payments for u, until u find another job....
but then again it depends the way u lost ur job, was it cos u have become disabled or just dont wanna work anymore or become redundant.
its hard to get the money from the insurance companies........arrrrrgggggggggggh hate them
2006-12-12 22:53:32 · answer #3 · answered by wwwtoha 3 · 0⤊ 0⤋