Go to a specialist for your loan protection quote
- 15TH DECEMBER 2007
When it comes to getting your loan protection quote then it is advisable to shop around and get several quotes before deciding which policy to take out. Loan protection is known to be high priced and this is especially so when it is taken out alongside the loan with the high street lender. You can get a much cheaper quote with a standalone specialist in payment protection.
One such payment protection specialist is British Insurance - they have won many awards for their suite of protection policies, of which loan protection is one. Loan protection is taken out if you wish to safeguard your monthly loan repayments if you should find yourself unable to work through suffering from an accident, an illness or through unemployment. However it is not a suitable policy for all individuals and you have to make sure it is right for your circumstances when you get your loan protection quote.
Common reasons which can stop you from being eligible to make a claim include being retired, self-employed, suffering a pre-existing illness at the time of taking out the cover or if you are only working in a part time position, but there can be others.
If you are eligible to claim on a policy then getting the cheapest loan protection quote means searching and comparing. British Insurance does offer the cheapest quotes and provides quality cover that would begin to give you a tax free income after the 30th day of being out of work. Cover with them would then carry on paying out for anywhere up to 12 months if need be but other providers could payout for up to 24 months once you had been out of work for anywhere up to 90 days. You do have to read the small print of any policy you are considering taking out and make sure you understand the terms and conditions that exist in policies, bearing in mind that they can differ from provider to provider
