On June 2011 I took out a loan with Springleaf financial and at the time signed up for the involuntary unemployment insurance for an addl 234.02 plus interest over the 37 month term at an annual percentage rate of 32.69%. In this economy no one has a secure job (I was at mine for 7 years).
Three weeks ago, out of the blue (August 2011) I was laid off of my job and filed a claim with the Springleaf insurance, Yosemite Insurance Co. and was denied due to a 90 day waiting period that no one ever told me about, but that is in the second of 5 page insurance document. I was mortified. I thought at least my loan pmt would be covered while I look for new employment.
To add salt to the wound, I was told that although I would recieve a refund of the policy premium of 234.02, my payment would not go down because they will still charge the interest on the 234.00 of 32.69% for the term of the loan. I feel the failure to disclose this "waiting period" was unfair and should be unlawful.
Review about: Springleaf Financial Loan.