The Loan Protection Plan aims to repay any outstanding home loan on your death. This means that you are safe in the knowledge that the roof over your partner and children’s heads is safe even when you are no longer around.
The Loan Protection Plan is a regular premium plan that provides for the payment of a fixed sum of money in the event of your death. The Loan Protection Plan offers life insurance only and does not provide an investment return. You choose the number of years you want the cover to last.
The lump sum payable on death reduces each year roughly in line with your outstanding loan balance.