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Is loan insurance worth it?

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Forum Banking Forum Loans & Leasing Is loan insurance worth it?

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BenutzernameMoneyland User Questions
Status Member
Registriert seit1/27/17
Beiträge2145

February 21, 2017, 10:12:23 AM

Is a loan insurance worth it? If so, which Swiss insurance policy would you recommend?

BenutzernameMoneyguru von moneyland.ch
OrtSchweiz
Status Expert
Registriert seit8/4/15
Beiträge4079

February 21, 2017, 2:33:58 PM

Greetings,

Insurance for personal loans covers your regular loan repayments when certain hazards occur which make it impossible for your to make these payments yourself.

Most loan insurance policies cover your loan repayments against the following hazards:

1. Loss of employment, when you are not personally responsible for losing your employment.

2. Loss of income due to disability resulting from an accident or illness.

Important: Loan insurance greatly increases the cost of loans. Lenders earn good money by selling this insurance. You should understand that loan insurance is voluntary. A lender cannot force you to take out a loan insurance policy.

If you are considering loan insurance, make sure to carefully go over the fine print of each policy to find out what is covered and what is not covered before you sign up.

Best regards from Moneyguru

More info:
Interactive personal loan comparison