Payment Protection Insurance (PPI)
Learn about Payment Protection Insurance and how it can help protect your loan payments in case of unexpected life events.
What is Payment Protection Insurance?
Payment Protection Insurance (PPI) is optional coverage that can help make your loan payments if you're unable to work due to covered involuntary unemployment, disability, or death.
While LightStream doesn't require PPI, we want you to understand what it is and how it works so you can make an informed decision about whether it's right for you.
Protection When You Need It Most
PPI can provide financial security during difficult times, helping ensure your loan payments are made even when you can't work.
Types of Coverage
PPI typically covers three main scenarios that could affect your ability to make loan payments.
Coverage if you lose your job through no fault of your own, such as layoffs or company closures.
Coverage if you become disabled and unable to work due to illness or injury.
Coverage that pays off your remaining loan balance in the event of your death.
Important Information About PPI
- • Helps maintain your credit rating
- • Reduces financial stress during difficult times
- • Optional - you choose if you want it
- • Can be canceled at any time
- • Premiums may be tax-deductible
- • Adds to your monthly payment amount
- • May have waiting periods and exclusions
- • Coverage limits and time restrictions apply
- • You may have other insurance that covers these risks
- • Not all situations are covered
LightStream's Commitment to You
At LightStream, we believe in transparency and putting our customers first. That's why we want you to know:
Ready to Apply for Your Loan?
Remember, PPI is always optional. Focus on getting the loan you need first, then decide if additional protection makes sense for your situation.
Checking your rate won't affect your credit score