For a cheap payment insurance quote go independently
- 15TH OCTOBER 2007
It is essential to shop around and get several quotes when it comes to getting a cheap payment insurance quote. The only way to get cheap quotes is by choosing to buy the cover independently from the specialist provider and forget about the cover that is offered by the high street lender alongside the loan.
Payment insurance is taken out if you have loan repayments to make each month as a backup plan in case you should find yourself unable to work if you had an accident, became sick or if you were to become unemployed. If this were the case you would have a struggle on your hands to carry on servicing your loan repayments and falling behind on them means you would get into debt and your credit rating would be affected in the future.
Loan payment protection insurance would give you an income which would be tax free and enough to cover the cost each month of your loan repayments. Cover would generally start to payout between the 31st and 90th day of being continually out of work and would then carry on for up to 12 months and with some providers for up to 24 months.
While the cover does work the way it should, some consideration should be given to the key facts and exclusions when getting a payment insurance quote. The product isn’t suitable for all circumstances, there are exclusions and the most common to all payment protection policies are if you are of retirement age, self-employed, suffer from a pre-existing medical condition or if you only work in a part time position.
A specialist standalone provider will be more ethical than the high street lender and as such will make sure that you are given the information needed to decide if the product is suitable for your needs. One such provider, British Insurance who is headed by consumer champion Simon Burgess, warns consumers that reading the small print is the key fact to ensuring whether the product works and makes sure that the technical jargon commonly associated with payment protection policies is abolished and given in plain English. Not only does British Insurance give you a cheap payment insurance quote but also the facts you need to make sure you are not wasting your money.
