A loan insurance policy bought from a specialist can make you great savings
- 10TH OCTOBER 2007
The easiest way to buy a loan insurance policy is by taking the cover at the same time as taking the borrowing with the high street lender. However, while this might be the easy option is it also the dearest option and if you had got a good deal on your loan then the protection will boost the cost up by sometimes half again. A much better option is to take some time to shop around and buy the cover independently.
A loan insurance policy is ideal if you are in full time work and worry about how you would continue to carry on paying your loan repayments if you should lose your income through being out of work due to accident, being sick or through unemployment. A loan insurance policy would normally start to payout from between the 31st and 90th day of you being off work and would continue to provide you with a tax free income for up to 12-24 months depending on the terms of the cover.
While it can seem like a magic wand, it isn’t suitable for all circumstances due to the exclusions but if it is suitable for yours then it can give you a safety net to fall back on and can help to stop you getting into debt problems through falling behind on your loan repayments.
A specialist provider such as British Insurance does take the hard work out of buying a loan insurance policy because not only do they offer the cheapest premiums to be found which can help you to make savings of up to 80%, but they also offer a quality loan insurance policy that is backed up by their years’ of experience in selling payment protection products. Above all they give you the information you need to make sure the product is suitable for your circumstances because after even all the biggest savings are useless if you cannot claim on the loan insurance policy
