If you’ve taken out a personal loan, you might also be paying for add-on insurance. This would normally be Consumer Credit Insurance, sometimes called other names such as If you have a credit card, you might also be paying premiums for insurance. This would usually be Consumer Credit Insurance, sometimes called other names such as ‘Loan Protection Insurance’. You might not even remember agreeing to the insurance!
The premiums can add $1,000s to your loan and you might also be paying interest on them. These insurance policies can be low value and might not be suitable for your needs. Read more about Consumer Credit Insurance here. You can also read about how add-on insurance works here.
You might be entitled to a refund for these premiums, for example if the bank has sold it to you without your knowledge, or the insurance is not the right product for you.