Getting the cheapest loan protection quote
- 7TH AUGUST 2007
When it comes to getting loan protection then it is essential that you get the cheapest loan protection quote possible. It can be expensive if it is taken out alongside your loan from the high street lender, so do a little research and shop around for the cheapest loan protection quote. More often than not, a standalone payment protection provider, such as the ethical British Insurance, can offer you better cover and with a cheaper loan protection quote.
British Insurance often features as a “best-buy” provider for their payment protection insurance products along with appearing in National newspapers and on TV. Along with this they give knowledge advice on their products which means that you can make an informed decision before buying the cover.
Taking out loan protection from the high street banks and lenders will mean that you will pay well over the odds for you premium, in fact you could pay as much as 80% more for the cover than if you had shopped for your product with a standalone provider as British Insurance.
That is why it is imperative that you are not forced in to buying a policy from your loan provider, but that you shop around for a loan protection quote.
Loan payment protection is designed to pay out for up to a period of 12 months providing you meet the criteria set out in a policy if you should come out of work due to an accident, sickness or unemployment. However there are many exclusions you have to be aware of which means the product isn’t suitable for everyone. Those who are self-employed and those who work part time wouldn’t benefit from the cover.
However, for someone in full time employment and with monthly financial commitments to meet, in order to get peace of mind for their financial future, they would do well to get a loan protection quote to see just how cheap it can be.
