Buy your loan protection insurance with care
- 6TH NOVEMBER 2007
Loan protection insurance can be a wonderful product to have; it can give you the money each month so that you can continue to meet your loan or credit card repayments if through accident, sickness or unemployment you should find yourself unable to work. You do however have to understand the product and buy it with care otherwise you could be spending money on something that is not worth the paper it is written on.
Loan protection insurance is commonly offered alongside loans and credit cards with the high street banks and lenders at the time of taking out the loan or credit card but very little information is often given regarding the exclusions and what the product is capable of doing. Historically, the premiums are sky high when compared to buying the cover independently.
You do have the option of going with a standalone provider for your cover and this is the best option to take for your loan protection insurance. British Insurance an ethical standalone specialist provider of payment protection offers all the information in plain English so that you can decide if the product is suitable before buying the cover. They also give quotes for the cover which can save you up to 80% when compared with other providers and make applying for the cover a quick and easy process.
Loan protection insurance from British Insurance provides you with an income each month which will ensure that you are able to continue repaying your loan repayments each month which eases the worry and stress of getting into debt considerably. Cover starts paying out from day 31 of being out of work but some providers won’t begin payout until the 90th day. Policies continue to provide an income for between 12 and 24 months - 12 in the case of cover bought from British Insurance - and it can be a valuable safety net providing you have taken the advice and read the small print to ensure that it is a suitable product for your circumstances before buying.
