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How can optional insurance be separated from a loan quote?
Identify whether a quoted payment includes insurance or another add-on and whether it is optional.
A combined monthly figure can hide distinct products, costs and cancellation conditions.
Request the loan comparison with the add-on clearly separated. Read eligibility, exclusions and total charges before attributing protection to the package; a brochure does not confirm an individual claim would be covered.
Open the loan comparison guides
Definitions
- Nominal interest rate
- Stated rate used to calculate interest under the agreement; it does not describe every other charge.
- Annual comparison measure
- Annualized disclosure used to compare borrowing costs; its calculation and included charges depend on the jurisdiction and product.