Cheap payment insurance could give you a safety net
- 3RD OCTOBER 2007
Providing that you understand the exclusions and read the small print then cheap payment insurance can do the job that it was intended to do and that is to give you a replacement income with which to continue meeting your loan or mortgage repayments each month if you should find yourself out of work due to an accident, sickness or unemployment.
The product can be a safety net on which to fall because sadly the State cannot be relied upon to help you keep the roof over your head even if you were entitled to receive help. While there are exclusions which could mean that a cheap payment insurance policy wouldn’t be suitable for your needs, if you shop with the standalone specialist in payment protection then you would be given the advice and information you need to ensure the products suitability. Some common reasons which could stop you from claiming include working part time, being retired or only in part time work.
Once you have determined a cheap payment insurance policy would be suitable then it could begin to payout once you have been out of work for a set period of time which can be from the 31st day to the 90th day of being continually out of work and would then carry on giving you the money to carry on meeting your payments which would be tax free for up to 12 months and with some providers for up to 24 months.
While cheap payment insurance can be a valuable product you do have to shop around for the cover and the cheapest premiums are found with the specialist provider in payment protection. British Insurance is one such specialist payment protection provider who can help you to determine the products suitability and save you up to 40% on the cover in the process.
Not only do you get cheap payment insurance but also the peace of mind that you have been given the information needed to make sure the product would be suitable and the policy is backed up by years of experience.
