If you want a loan protection plan ensure you shop around with standalone providers
- 7TH NOVEMBER 2007
If you want to take advantage of the security that a loan protection plan can bring and you have checked out the terms and conditions and the exclusions then shop around for the cover and get several quotes with the standalone specialist provider.
British Insurance give some of the cheapest quotes possible for the cover and can help you to make savings of up to 80% in comparison to the quotes given by the high street lender. It is important that you do shop around for the cover as the cost can vary greatly; the high street lenders offer the dearest premiums while the standalone specialists offers the cheapest along with far superior products.
When chosen with care a loan protection plan can give you a tax free income after you have been out of work for anywhere between 31 and 90 days, cover could last between 12 and 24 months which is usually enough time to get back on your feet again and earning a living again. The money you get from the policy each month means that you don’t have to worry about finding money so that you are able to carry on paying your loan or credit card repayments each month.
You do have to make sure that your circumstances would not stop you from being eligible to claim against a loan protection plan due to the exclusions, but if you stick with a specialist provider they will give you access to the information you need to ensure that a loan protection plan is the right choice.
Common exclusions that could exist in a policy include only working part time, being self-employed, having an ongoing illness when taking on the policy or being of retirement age. There could be others as policies do vary from provider to provider and the exclusions should be listed along with the key facts so that you are able to decide before buying if the product is suitable.
