Are firms really making it easier to understand payment protection cover?
- 25TH DECEMBER 2007
In 2005 the Financial Services Authority (FSA) laid down guidelines for firms selling payment protection cover so that mis-selling would be a thing of the past. While some changes have been made, clearly many more need to arise if it is totally to be abolished.
Payment protection cover has been labelled many things including expensive and confusing. The cover is confusing because there are exclusions which could mean that it is not suitable for the circumstances of all individuals. Common exclusions in all policies include suffering a pre-existing medical condition, if you are retired, self-employed or have an ongoing illness. Others could exist in the small print which means you have to be aware that they do exist and check them against your circumstances.
If the cover is taken out with an independent specialist such as British Insurance then you will be told about the exclusions, however taking cover alongside a loan means very little information is given which led to many buying cover they could not claim against.
Ethical British Insurance sells quality payment protection cover for some of the cheapest premiums available. Taking out mortgage protection can safeguard your monthly mortgage repayments which mean you keep the roof over your head. Loan protection gives you the money to continue repaying your loans and income cover will allow you to continue living your current lifestyle.
British Insurance are considered to be the “good-guys” in the payment protection cover sector and offer award winning cover while making it easy for the consumer to understand what they are buying, which enables the product to work the way it was designed to work. Stick with a specialist and make sure you take the advice that comes from experience and always read the small print of any policy you are considering buying.
