A loan insurance quote needs to be shopped around for
- 18TH DECEMBER 2007
With huge profits being raked in by the high street lenders when selling loan payment insurance alongside their loans, it is essential that you shop around for a loan insurance quote before settling on taking out the cover. The premiums charged for cover can vary staggeringly. For instance, a policy taken with payment protection specialists British Insurance can save you up to 80%.
British Insurance are one of the most ethical specialists to be found and not only can you save a huge amount of money but more importantly you have access to the key information needed to determine if a policy is suitable. There are exclusions in all policies which could mean that it would be useless for your circumstances and these are found in the small print. British Insurance gives you access to the exclusions which include being of retirement age, self-employed, suffering from an ongoing illness and being in part time work.
A loan insurance quote from a specialist will always be cheaper than taking the cover out alongside the loan and it is important to shop around and get several quotes, always compare the small print along with the premiums as these can differ too. British Insurance will pay out on a policy from the 31st day of being out of work and would then continue for up to 12 months if you need it. However some providers will not begin to pay you until the 90th day of being continually out of work.
There is so much more to taking out loan insurance than just getting a loan insurance quote that is cheap, even the cheapest quote is no good if the exclusions in the policy mean that it is not suitable for your circumstances and you can only determine this by studying the small print of the policy before buying.
