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Personal Loan Protection - Is it Worth It?

If you are considering taking out a personal loan, then you may also want to consider signing up for personal loan protection. For a small financial investment you can save yourself considerable worry and protect your loved ones from sizeable financial distress in the case of disaster. The following are some examples where personal loan protection could offer assistance.

Tom was a personal trainer with less than three years left until retirement. Tom was injured while assisting a client and was unable to work for more than six months. During that time, Tom was able to recuperate without the added burden of financial hardship and worry. Tom had personal loan protection. 

Alice slipped and fell while she was gardening. She couldn't go back to her job in retail because it required her standing on her feet all day. Alice had never heard of personal loan protection. When she heard how inexpensive it can be and how it could have saved her so many financial hardships as a result of her accident, she wished she had known more about it.

Is personal loan protection worth it? 

Most of us realise how important it is to expect the unexpected and prepare for the worst. Think of what you pay in car insurance, life and health insurance, home and contents insurance. Why do you invest in insurance? To mitigate your personal risk in the event of tragedy. Insurance is a simple way to give ourselves peace of mind and take care of ourselves and our families if things go wrong.

Now think about the value of a personal loan. If you have no loan protection on a $30,000 loan and have comprehensive insurance on your $2,990 1995 Subaru L Series, then you aren't truly evaluating all of your financial risks. If you are injured in an accident, acquire a debilitating disease, lose your job or your ability to work in your industry of expertise or if you die the last thing you or your family want to worry about is some loan. Personal loan protection provides you and your family the guarantee that you have financial coverage sufficient for your personal loan commitments.

If you are taking out a loan or if you currently have a loan you have taken out that you would have a difficult time repaying if you were injured or experienced the inability to earn an income, you amy wish to consider personal loan protection. Personal loan protection saves you from the hassle of financial distress during the sort of times in which you need support and a lack of stress on your pocketbook and state of mind.

It's been three years since Tom's accident and he is getting ready to retire and move with his wife to be closer to his daughters. Tom fully recovered from his injury and enjoys life to its fullest. Alice lost her job in retail and now works for a web marketing firm. She is doing well, but says she learned a valuable lesson about protecting against disaster. As for personal loan protection? "I have it now," says Alice.

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