Age rated loan payment protection insurance
- 19TH JUNE 2007
What does it do? The cover provides a monthly benefit payable if you are directly unable to work due to accident or sickness or if you are made involuntary unemployed. The benefit can be paid up to a maximum period of 12 months. The cover also offers ‘back to day one’ benefit payment provided the claim is for 31 days or more.
The great advantage for this cover is that the premiums are rated according to your age. So the younger you are the lower the premium payable. That can be a real benefit to both young and middle aged policy holders.
Why do I need it? If you needed to take out a loan then the chances are that you also need to be careful with money. If you had money to spare then you probably would not have needed the loan.
We are all susceptible to the possibility of accident or sickness and none of us are immune from the possibility of involuntary unemployment. Yes the risks may well be less for the young who are generally fitter, healthier and often find it easier to get a job if made redundant. But being a ‘lower risk’ is not the same as having ‘no risk’. If we are at risk then we should want to insure it so long as we can get a product which recognises the lower risk cost.
The young are still at risk and the problem often is that they are the ones who are less able to weather a financial storm. Who knows what effect financial pressure at a young age may have on the rest of your life.
So getting a product that recognises the lower risk must be seen to be a real benefit.
Why buy from britishinsurance.co? British insurance Limited is well recognised in the market place and has won the coveted 2006 Mortgage Magazine ‘best Insurance Broker’ award. They specialise in payment protection insurance and have topped Which? ‘Best buy’ tables with some of their products. They are regularly featured in the number of national newspapers and magazines. The best, of course, it that they buying from them will probably save you money. Why not pop along and see.
