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Insuring your home or car loan: Safeguard or unnecessary cost?
Mint Mumbai
|March 06, 2025
I plan to buy a home or car with a loan. I came across loan protection insurance. Is it necessary, and what are its benefits? — Name withheld on request
Buying a home or car is a dream come true, but unforeseen events can create financial strain. While not mandatory, loan protection insurance safeguards against job loss, illness, or death, preventing your dream purchase from becoming a burden.
Safety net
Loans are long-term commitments, and unexpected events—such as job loss, medical emergencies or death—can strain finances. Loan insurance ensures repayment burdens don't fall on your loved ones, and financial security.
Risk prevention
Loan protection insurance typically covers multiple risks:
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