Payment Protection Plan can assist to protect your credit rating and can ultimately stop you from having to give up your vehicle in case of any unforeseen circumstance.
If your loan is for a motor vehicle and it is written off by your insurance company, for whatever reason, the policy will pay any shortfall between their settlement and the outstanding balance of the loan.
In case of Unemployment as well, due to the protection plan you can keep making the repayments for up to 12 months. Payments would start when you have been unable to work for 30 days or more.
In case of an accident or any kind of sickness the policy will continue to make your repayments until you are well enough to go back to work.
Should you die during the term of the loan, your loan will be repaid in full. It can give you a life cover.