Cheap loan payment insurance is offered by specialists in payment protection
- 8TH OCTOBER 2007
Loan protection can be taken out independently, something which some many consumers are totally unaware of. Instead, they take the cover that the high street lender offers alongside their loan which boosts the cost of the cheap loan up considerably. Taking the cover out independently with a specialist in payment protection you can save yourself up to as much as 80% when compared with the high street lender.
One very ethical loan payment insurance provider is British Insurance. They offer quality cheap loan payment protection insurance which can give you peace of mind and security that you would still be able to carry on meeting your loan repayments if you should find yourself out of work due to suffering from an accident, sickness or unemployment through no fault of your own.
The loan payment insurance cover if taken from specialist British Insurance will begin to pay a tax free income once you have been out of work for a period of 31 days but some providers ask that you are out of work for up to 90 days. The cover would then continue to give you peace of mind for up to 12 months and with some providers for up to 24 months.
You do however have to be aware that there are exclusions in all insurance policies, including loan payment insurance which Managing Director of British Insurance Simon Burgess reminds people who are thinking of taking out the policy. Some of the most common reasons which could stop you from making a claim include if you are only in part time employment, are of retirement age, or if you suffer from an illness at the time of taking out the policy.
Simon and the team at British Insurance work together to provide consumers with the information they need to ensure that the product would be suitable for their circumstances and are considered to be the “good guys” in the sector. Cheap loan payment insurance can help to keep you out of debt if you should come out of work, but only if your circumstances permit it and thanks to specialists such as British Insurance who make the key facts and exclusions in the product easier to understand, determining if a policy would be suitable for your needs is a lot easier.
