Loan Protection Insurance

If you are talking MI (mortgage insurance) - then it it deductible over 5 years as I understand it.

Also slightly off-topic, but MI only protects your lender against you defaulting on repayments. If you do so , the MI will come after you to recover debts.

I assume this is the insurance and financiers offer you when you sign up to a loan that will either pay of the loan balance in the event of your death or will meet the repayments for up the life of the loan.

I believe this is usually paid in an upfront lump sum to cover the life of the loan.

I wouldn't think it would be....but would love someone qualified to advise? :confused: