A loan payment protection insurance plan could give you peace of mind
- 10TH SEPTEMBER 2007
If you have monthly loan repayments to make and are in full time employment then you should consider taking out a loan payment protection insurance plan to guard against the possibility that you could come out of work due to accident, long term sickness or unexpected redundancy.
A policy could give you peace of mind when bought correctly but could quickly turn into a nightmare when purchased incorrectly. A policy shouldn’t be pushed onto you at the time of taking the loan but it should be mentioned. A loan payment protection insurance plan could give you a fixed tax free sum of money with which to meet your loan repayments each month should you become unable to work, and would continue to provide you with an income for up to 12 months, and with some providers, up to 24 months.
If you take the loan payment protection insurance cover that is usually offered at the time of purchasing your loan with the high street lender then you will normally pay well over the odds for the cover and this can add thousands onto the cost of the loan. A standalone provider will in most cases offer you the cheapest premiums along with the best advice when it comes to buying your policy and specialist payment protection insurance provider British Insurance supply all the essential information needed to enable you to make an informed decision before you buy your policy.
The majority of consumers are unaware that they have a choice when it comes to taking out a loan payment protection insurance plan; high street lenders try to make the consumer believe that the cover has to be taken at the time of the loan. While some lenders ask that you do take loan protection it doesn’t have to be bought alongside the loan and you can choose to buy it independently for a specialist.
British Insurance is one of the most ethical standalone providers and can help you to save as much as 80% on your loan payment protection insurance plan. They also explain the product in clear and simple terms which means you are able to ensure that a plan would work for you in your time of need.
