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A protection label does not establish individual insurance cover
Eligibility, exclusions and claims conditions determine a separate protection product.
Its presence beside a loan is not confirmation that it would pay in a particular event.
Keep the policy wording and cost visible instead of using its name as reassurance. Whether it meets an individual's need requires assessment beyond this general explanation.
Work through the repayment planning guide
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.