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Advice needed re loan and insurance

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  • 14-08-2013 3:20pm
    #1
    dingoberry
    Registered Users Posts: 7 ✭


    I am about to take out a decent sized personal loan from a bank. I'm 40, with a partner but not married, no dependants, no real assets. I'm in good health, though I would be subject to a small loading for life assurance or illness cover.

    Life assurance is not required for the loan, nor is a guarantor.

    So, I am wondering about various worst case scenarios:
    1. I get hit by a bus and die: the loan is unsecured and as I have no assets or estate to speak of, the loan effectively dies with me, right? So, there's no point getting life assurance, yes?
    2. I get sick or injured and can't work or repay the loan. As I'm alive, the bank can pursue me, though they may not be able to get much. I am being warned about serious illness cover as it may not cover as much as you would think and the conditions can be tricky. Would you advise getting such cover?

    Any other advice you can give me?


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