Like many other money lenders or financial institutions, Money Mart loan protection plan allows to provide financial security to borrowers.
Money Mart Loan Protection Plan
Many things covered under this plan like disability protection, critical illness protection, job loss protection, etc.
But as always suggested, before purchasing any protection plan, it is better to review its terms and conditions and check every aspect offered by the plan. Open next time
A LPP (Loan Protection Plan) is also known by the name of PPI (Payment Protection Insurance). This plan designed to provide financial security to the loan borrower if they face any unexpected life circumstances that might hinder their capacity to repay the loan.
A loan protection plan also known by the short form LPP. It is a creditor protection insurance coverage provided by the Canadian premier life insurance company and Canadian premier general.
This may purchased when one takes out an installment loan. In case of injury, critical illness, family leave, sickness, etc. it provides good protection to the borrower of the loan.
Also read>>> Canada Protection Plan for Health and Life
Events Covered by Money Mart Loan Protection Plan
Like other loan protection policies, Moneymart also provides immense benefits. To understand the benefits, one has to discuss all the plan-wise benefits provided by the Money Mart Loan Protection Plan. Let us discuss all of them one by one.
Involuntary Unemployment
If you are laid off by the company without any cause, or if, for any other reason you are unemployed for more than 60 days. You are eligible to get the involuntary unemployment benefits.
Under this, you will get monthly payments through the Money Mart loan protection plan while involuntarily unemployed.
Injury or Sickness
If unable to work for reasons like sickness, an injury which will take time to heal or there is a fracture of some kind in your body, you may entitled to get the benefits under the scheme. You will get monthly benefits in this case.
Critical illness Benefits
Heart stroke, failure of kidneys, a major organ transplant, or life-threatening cancer, all of these are some of the diseases which we commonly hear about nowadays. This policy covers all of these critical illness benefits.
Instead of monthly payments, payment of the outstanding principal balance made in this case.
Death Benefits
If during the tenure of the loan, a borrower passes away, payment of the outstanding principal balance made to the family members.
Lifetime Milestone Benefits
What are the important milestones in the life of an individual? Mostly, the birth or death of a child, marriage, graduation, purchase of a new home, bank mortgage, and attending the apprentice program, etc. are some of the milestones.
If you have achieved, or you are on the verge of achieving these milestones, this policy helps you by providing monthly payments which may made for up to 3 months.
Unpaid Family Leave
If you are taking a leave for the support of any family member, or to support someone in a serious health condition, or for any other reason like this. This policy helps you by providing monthly payments for up to 3 months.
Exclusive Features of Money Mart Loan Payment Policy
- The claim response only takes about 48 to 72 hours.
- 30- day free look concept. This provides you the freedom to cancel the plan at any time.
- It is completely optional.
- It provides peace of mind as it is not a condition of finance.
Who is eligible for LPP
- A resident of Canada.
- A person who is under 70 years of age.
- A person who agrees to the loan agreement’s terms and conditions.
Reference: moneymart.ca/Content/pdf/Loan-Protection-Plan.pdf
What is the maximum benefit provided by the Money Mart Loan Payment Plan?
It provides a maximum benefit of up to $15,000.
In case of critical illness or death of the loan borrower, how much payment benefit is provided?
It provides the borrower with 100% payment. The maximum limit of which is up to $ 15,000.
If a person unemployed for more than 6 months, does this policy offer benefits in this case also?
Under the Money Mart Loan Payment Policy, payments are made for up to 6 months and not more than that.
Is the Money Mart Loan protection plan mandatory or optional insurance?
The Money Mart loan protection plan is an optional credit protection insurance plan.
Where to find more support for the policy?
Call on the number 18557552430 to get more assistance on this plan.
