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Loan protection insurance is designed to help policyholders by providing financial support in times of need. Whether the need is due to disability or unemployment, this insurance can help cover monthly loan payments and protect the insured from default. The loan protection policy has different terms depending on where it is offered. In Britain, it is often referred to as accident sickness insurance, unemployment insurance, redundancy insurance, or premium protection insurance. These all provide very similar coverage. In the U.S., it is usually called payment protection insurance (PPI).