Get your loan protection quote from a specialist provider
- 11TH SEPTEMBER 2007
Getting your loan protection quote from a specialist provider could save you hundreds of pounds when compared to buying it from the high street lender. You will not only be assured of getting the cheapest quotes for the protection but also the best advice on the policy’s terms and conditions including the small print and exclusions.
Loan payment protection insurance can provide you with a tax free sum of money each month to ensure that you can continue to repay your loan repayments if you should be out of work due to accident, sickness or unemployment. Cover would pay out for 12 months and with some providers 24 months after you have been out of work for 30 days or more and be backdated to day one, but it has to be bought correctly.
The majority of loan protection insurance is sold alongside the loan with the high street lender and although this is the easiest way of purchasing a policy it is also the dearest. The high street lender isn’t ethical when it comes to selling the protection and instead puts the huge profits ahead of the consumers best interest which has led to wide spread is selling of the insurance.
The mis selling included not making the consumer aware that the cover could be bought independently and instead leading consumers to believe that the protection had to be bought alongside the loan from the same lender, not making the consumer aware of exclusions within the policy and selling the protection for extreme profit.
An independent specialist payment protection provider such as ethical British Insurance can not only help you to make huge savings by giving you a cheap loan protection quote, but they also put the consumer first by ensuring that the consumer gets the information needed to decide if a policy would be suitable for their circumstances. Common exclusions include being retires, self employed, only in part time work and suffering from a pre existing medical condition.
Simon Burgess, Managing Director of British Insurance is adamant that in order to get the best deal on your loan protection quote you have to shop around for the cover and get several quotes from standalone providers before committing yourself to a policy. The cover can be a safety net on which to fall but your circumstances have to be taken into account as the cover isn’t suitable for everyone.
