Getting a cheap, but good quality loan insurance plan
- 6TH AUGUST 2007
When it comes to getting a cheap but good quality loan insurance plan then it is essential that you shop around for your cover. Choosing to buy your cover from an independent, specialist provider as opposed to your loan provider can save you a lot of money on your loan insurance plan premiums.
And, only a specialist in the subject of selling payment protection insurance (PPI) policies will be able to give you the information and advice that you need to purchase a policy that is suitable for your needs, as the ongoing negative press coverage regarding mis-sold payment protection insurance policies continues to highlight.
One of the biggest mistakes that people make when they take out a loan is to take the loan insurance plan that the high street banks and lender offer alongside the loan. Over the term of the loan this could end up costing you thousands of pounds more than it would have if you had gone with a standalone loan payment protection insurance provider. Not only in most cases does it cost you a lot more for the cover as the mainstream providers like to rake in huge profits from the product, but by taking it from them, you could get very little - if any - information regarding the product and the exclusions within it.
Simon Burgess from standalone payment protection specialists British Insurance speaks openly when it comes to the way the high street lender sells their policies and the high charges they put onto the product in favour of making huge profits while putting the consumers best interests first.
“It’s a disgrace how these greedy providers profiteer from a consumers’ need to take out proper protection. They offer the borrower a low cost loan in order to entice them in, and then make their money back, plus a lot more, by whacking on over-priced loan insurance plan premiums”.
British Insurance can save you as much as 80% on a loan insurance plan and, because they are specialists in the sector, you know you are getting a quality policy that is backed by years’ of experience and dedication.
A good quality loan insurance plan from British Insurance could mean that you would get a tax-free and fixed monthly amount for up to 12 months to ensure that you could meet your monthly loan repayments if you should lose your income through an accident, sickness or become unemployed.
