Is insurance protection needed?
Can anybody say he has no financial commitments to honor? Among the many commitments, perhaps loan commitment may be considered as the most important one, to be attended to immediately. Why and when a loan is obtained by people? When you want to buy something useful and necessary, and you do not have the required money with you, the only option will be to raise the needed money through loans. The loan, with interest, has to be repaid in one lump sum or in installments as may be agreed, on the due date.
You have taken the loan and you have agreed to repay. Suppose you are not able to honor the commitment in respect o the loan, it may result in serious consequences. First your credit will have an adverse impact. Secondly, there is a possibility of the lender taking legal action against you. To avoid these, if you have any securities with you, they may come handy in settling the dues. By this, you will not only save unnecessary embarrassment and or harassment, but also you will be able to save your credit from being damaged.
Benefits of insurance protection
There is one kind of insurance, called ‘loan protection insurance' which is somewhat special in nature. Getting insurance coverage from Charles Goodman & Co Ltd can help protect you in every aspect of your life. You will do well to make use of this invaluable tool. If you have regular monthly commitments, either towards credit card bills or towards loan repayments. With the help of this insurance, you can, at one stroke, get rid of all your problems relating to honoring commitments. If you happen to remain unemployed, losing the present job, this insurance saves you from any sufferings, with tax-free benefits; you can make use of them so that your credit will be under control. You can enjoy this facility till you are back in employment.
The very fact that you have got this insurance makes the institutions or lenders, who gave the loan to you, feel happy and relieved. They need not have to worry about giving pressure to you in the matter of repayment. You have another benefit. No pressure or harassment, from the lenders, will be there for you. Another distinct advantage is this: this gives protection for you against loan and the premium too is lower than the other insurances. All these go to help you in leading your life in a much better organized manner.
Once you decide to get this insurance, you should spare no efforts in getting the best cover possible. To succeed in this, your first action should be to calculate the exact amounts to be set apart every month, toward loan repayment and settlement of bills, etc. With the knowledge of how much cash you will need every month you can contact the various insurance companies and find out details of their offers. After going through them, you can select the one which is better for you. However, it is advisable for you to get their offer, in writing, before you give your acceptance.