Cheap payment protection insurance has to be shopped around for
- 8TH DECEMBER 2007
Cheap payment protection insurance has to be ahopped around for and the best way to get quotes is by going online and comparing premiums for the cover with standalone specialists. It is essential that consumers understand they do have the option of shopping around for the cover and it does not have to be taken at the time of taking out a loan or other borrowing such as a credit card.
Historically, high street lenders try to push the cover alongside loans at they time of selling; huge premiums are often charged for the cover and this has been known to almost double the cost of what was once a cheap loan. Along with high premiums very little information is often given and the circumstances of the consumer are not taken into account at the time of selling. This could mean that you end up with a policy that you are ineligible to claim upon.
Before taking out cheap payment protection insurance you have to read the small print and be aware of the exclusions to make sure it is suitable for your needs.
Common exclusions which could mean you would not be eligible include suffering an illness at the time of taking out the cover, if you are self-employed, retired or if you only work in a part time position. There can be others so you do have to check the terms and conditions thoroughly.
Specialists in payment protection, British Insurance, offer quality cheap payment protection insurance which can give you an income enabling you to continue meeting your loan repayments each month. Cover would kick in with a tax free sum of money after being out of work for at least 30 days and would carry on for up to 12 months if needed. It is essential to shop around as the premiums can differ greatly, British Insurance can save you up to 80% on a policy and of course as they specialise in payment protection they back up their products with years’ of experience.
