Protection insurance of loan paymentwhich is a form of insurance can help you in payingthe monthly premium of a loan if ever you suffer from an accident, illness or become unemployed. This type of insurance is normally used to protect a car loan, home loan or sometimes even your personal loans.Such loan insurance proves to be of real help at your tough times like in case you meet with any accident, fall sick, if there is any uncertain death, disability and also if you suddenly lose your job. This typeofinsurance reduces the burden of your family to a great extent if by chance you face any of these misfortunes and saves them from the trauma of making the payments on time.
Types of services
The two basic types of services that loan protection insurance offers are:
- Personal injury –The different types of personal injuries covered under this plan are physical attack, burn injuries, bicycle injuries, dog bites, nursing home negligence, medical malpractice, pedestrian injuries, trips and falls, spinal cord injuries, traumatic brain injury andunlawful death.
- Vehicle accident injury – The New York City (NYC) is actually a tough place to live in, especially due to the heavy traffic in the city. So, if you get injured in any of the accident cases in this city it can be a real financial burden on you. In this city, auto accidents are one of the frequent reasons for which people lodge complaints to claim financial settlements. Hence, taking an accident loan NYC is very essential to reduce your financial burden. Such a loan takes care of the advance funding that helps you to meet your needs in such situations. In case you are severely injured and unable to go to work, with this advance fund you can pay your medical bills, amount of rent or mortgage, groceries bills, car payments, school expenses of kids and other utility bills.
Steps for application
When you realizethat your personal injury case has qualified for a pre-settlement funding, you should follow the simple steps to initiate the process:
- Discuss the available options with your attorney –In this case, you should make sure that the lawyer you have hired is willing to work with the insurance company you have invested in.
- Estimate theamount of money required – To minimize the burden of interest you need to pay, apply for the amount you actually require till your case gets settled and not more than that.
- Submit the application –Normally the process is quite fast and easy, but remember to submit yourapplication on time.
The benefits you can reap
If you are a resident of the New York City, then a pre-settlement funding may be a solution to a lot of problems. So, don’t forget to apply for the accident loan NYCon time. If you are dealing with either a personal injury lawsuit or vehicle accident injury lawsuit it would actually drainyou both financially and emotionally. Inorder to settle them you need to invest in a lot of time and money both. But with the pre-settlement cash advances, you get a good backupwith which you can peacefully support your needs till your case gets settled.