A cheap payment protection quote can be found with an ethical specialist provider
- 28TH DECEMBER 2007
If you want a cheap payment protection quote you have to realise that you have to shop around for the cover and the best place to get your quotes is with a specialist payment protection provider. A specialist provider is someone who only deals in payment protection as opposed to selling the cover alongside loans and mortgages.
While it might seem like the best option to take the cover out at the time of taking out your loan or mortgage it is the dearest way of taking this invaluable protection. High street lenders will try to push payment protection with their loans because they make huge profits on the cover and along with the high cost of the cover they also fail to give the information regarding the exclusions.
It is a lack of information which led to many policies being mis-sold and which was high lighted in 2005 when the Financial Services Authority (FSA) began an investigation. Fines were handed out to those found guilty of not having the consumer’s best interests at heart and guidelines set out when it came to selling the products, however recently the Financial Services Authority revealed that in 2007 over 4,000 cases of mis-selling have been investigated.
When taken out correctly from standalone ethical provider British Insurance a cheap payment protection quote can give you cover that would protect your mortgage repayments, loan repayments and cover your general income.
Consumers have to be aware when buying the cover that there are exclusions in all polices which could stop them from being eligible to claim. Common reasons include only working part time, being retired, self-employed or if you have an ongoing illness, however there can be others defined in the small print.
British Insurance almost always give an unbeatable payment protection quote, along with all the information the consumer needs for them to be able to make an informed decision as to if a policy would be suitable.
