Loan Termination Insurance
Protect yourself against the unexpected
What is Loan Termination Insurance and why might you need it.
We all know the unexpected happens, and in the unfortunate event you are struggling to make your loan repayments, Loan Termination Insurance (LTI) can help reduce the financial burden of debt. For instance, you may become involuntarily unemployed, you might have your driving restricted due to medical reasons, you may get a job transfer overseas or have had to declare self-employed bankrupt.
With LTI, you can choose to hand your financed vehicle back to the dealer and get rid of your loan. In this instance, your LTI policy covers the difference between the value of the vehicle and the amount owing on your loan up to the maximum claim limit of the cover level you select. Or if you want to Retain the vehicle, LTI can make lump sum payments to your loan (up to the agreed claim limit of the cover level you select), on your behalf (reducing the financial burden of the loan).
BENEFITS OF LOAN TERMINATION INSURANCE:
- Reduces the financial risk should you terminate your loan early due to unexpected events
- Reduces the stress and financial pressure on you or your family during uncertain times
- Provides options to retain or hand back the vehicle to reduce your debt
- Provides different levels loan repayment cover of 3 – 12 months
- Provides peace of mind in the event of:
- Medical Driving Restrictions
- International Job Transfer
- Self-Employed Bankruptcy
360 Finance can provide Loan Termination Insurance at competitive policy premiums from some of Australia’s leading insurers.
Call our Customer Service team on 1300 361 360 to learn more.