Avoiding the loan payment insurance “racket”
- 8TH AUGUST 2007
Loan payment protection insurance has earned itself many names during the last few years, and many have been negative such as “rip-off” and the “loan protection racket”. These names have been quite justified too, with many well-known companies being found guilty of mis-selling unsuitable, price-inflated loan payment insurance cover to their unsuspecting customers.
The sector had earned its bad name due to the wide spread mis-selling of loan payment insurance protection policies, however the main culprits behind this are the high street lender who overcharges for the premium along with giving wrong advice and very little information regarding the product.
However, loan payment insurance is an invaluable product. Loan payment insurance can give you a fixed monthly income which could pay out for up to 12-24 months if you find yourself unable to work through having an accident, becoming sick or through unemployment.
A good way to ensure that you avoid the loan payment insurance racket is to go with a standalone provider.
One of the best standalone providers in the sector is British Insurance. Simon Burgess, Managing Director of the company, stands up for the consumer often speaking openly about how the big banks and high street providers “rip-off” the consumer.
British Insurance have specialised in the selling of loan payment protection insurance for many years and back up their products with excellent advice, giving the consumer plenty of information regarding their products and any exclusions within them.
However you have to make sure the product is right for your needs; there are certain exclusions which stop you from claiming. However, if you take British Insurance’s advice when buying loan payment insurance you can’t go far wrong.
