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What is loan protection insurance?
Loan protection insurance also known as payment protection insurance provide financial support to borrowers by protecting their monthly loan payments and protect the borrower from default.
For example, if a borrower can no longer repay the loan due to disability or unemployment, the insurance company will cover the monthly loan repayments on the borrower’s behalf. This type of insurance is not as widely recognized in the Philippines as it is in other countries.
Want to know if you’re qualified for a loan? Talk to our Loansolutions Adviser.