Be wary where you buy cheap loan insurance
- 3RD DECEMBER 2007
When you take out a loan or credit card you will probably be asked if you wish to take out loan protection to guard against the financial implications of becoming out of work due to an accident, an illness or through unemployment. In some cases loan protection might even be added onto the cost of the loan without you even knowing. If this is the case then you have to be very wary of where you get your protection from, because buying from the high street lender alongside the loan means it is unlikely that you will get cheap loan insurance.
While it might be the easiest option to just have the cover that is offered at the time of taking out borrowing, very little information is often given regarding the key facts and exclusions which could mean you might not even be eligible to make a claim. If you only work part time, are self-employed, suffer an ongoing illness or are retired then it would probably be useless.
The best option when it comes to taking out cheap loan insurance is to choose to buy it independently from an ethical standalone specialist such as British Insurance. By doing so you will not only be saving up to 80% on the premiums but you will also get free advice and all the information needed to ensure that the loan payment protection insurance cover is in your best interests.
British Insurance offer award winning cheap loan insurance cover that would give you an income with which to meet your loan repayments each month once you have been off work for 31 days, it would then continue for up to 12 months and the money is tax free.
