Cheap loan cover can work if you take the time to understand the product
- 2ND OCTOBER 2007
Despite the bad publicity that has surrounded the payment protection insurance sector, cheap loan cover can work if you have read the small print and have understood the terms and conditions in a policy. Loan payment protection insurance can give you the income with which to meet your loan repayments each month you are out of work due to suffering from an accident, prolonged sickness or unemployment.
The cover would begin to payout after you had been out of work for a pre-defined period of time which can be from the 31st day of being out of work but some providers can extend this up to the 90th day. Once the cover has begun to payout it would then continue to do so for up to 12 months and with some providers for up to 24 months. The cover can give great peace of mind but it has to be bought with your circumstances in mind and you have to shop around for the protection if you want cheap loan cover.
Simon Burgess who is Managing Director of British Insurance which is one of the most ethical specialists in the payment protection insurance industry warns consumers that they must shop around and get several quotes from standalone specialists if they want to get the best deal. “You have to read the small print and the provider should give you access to the key facts and exclusions within a policy so that you make sure you would be eligible to claim” he explains.
Some of the most common reasons which could stop you from being eligible to claim include only being in part time work, being retired or if you have a pre-existing medical condition at the time of taking out the policy.
British Insurance can help to save you up to 80% on cheap loan cover and back up their products with years’ of experience whilst giving you the information you need to ensure that cheap loan cover is the right choice for your needs.
