Are you paying over the odds for your loan payment protection insurance policy?
- 5TH JULY 2007
The majority of people who take out a loan payment protection insurance policy do in fact pay way over the odds for their cover according to an industry expert.
Simon Burgess, who is Managing Director at standalone loan payment protection insurance policy provider British Insurance says there are sadly many consumers who have a policy for which they are paying “extortionate” amounts for a “poor value policy”.
He fumes: “There are a large amount of the policies in existence that have been bought alongside loans and credit cards. However, this is the dearest way to purchase your loan payment protection insurance policy and has left many people not being able to claim at a time when they needed it, through having been mis-sold their policy.”
Many people have fallen victim to being mis-sold a loan payment protection insurance policy and have later found out that they are not eligible to claim or that the provider did not go through the proper sales process when selling the cover.
A loan payment protection insurance policy is taken out in case through unforeseen circumstances you find yourself out of work due to sickness, accident or involuntary unemployment. The cover when bought correctly will ensure that you can still make the monthly repayments associated with your loan and lasts for up to 12-24 months.
Without a doubt the best and cheapest way to take a loan payment protection insurance policy is by buying it from a standalone company such as British Insurance. British Insurance provide quality policies while making sure that they offer the cheapest premiums available, which means that on average when compared to the high street bank you will make savings of around 80%.
So if you are thinking of taking a loan payment protection insurance policy then always go with an independent specialist provider such as British Insurance. This is the only way you can be sure that you are not paying over the odds for your loan payment protection insurance cover.
