Go with an ethical specialist provider for cheap loan cover
- 5TH SEPTEMBER 2007
Only a standalone specialist in payment protection insurance policies will be able to offer you cheap loan cover and help you to make huge savings on the cover while offering you a quality product. British Insurance is one such specialist and when compared with the likes of high street lenders can save you as much as 80% on your loan protection policy.
The outrageous premiums that the high street lender is known to charge for this valuable protection is just one of the reasons an investigation began into the sector in 2005. Along with high premiums the lack of explaining the product led to many consumers being mis-sold their policy which led to the Citizens Advice making a super complaint to the Office of Fair Trading and an investigation by the Financial Services Authority.
Many firms received fines for wide-spread mis-selling of payment protection insurance products and while the investigations continue, the sector has also been referred to the Competition Commission, who hopes to conclude in early 2009.
Cheap loan cover is taken out to protect a loss of income and provide you with a tax free sum of money each month with which to carry on paying your loan repayments. If you meet the criteria outlined in a policy then it would start to pay out after you had been out of work for 30 days and continue providing you with money each month for up to 12 months and with some provider 24 months.
Specialist providers such as British Insurance will always give the cheapest quotes along with the highest quality policies and honest free advice. Advice is needed because there are many exclusions which could mean that you wouldn’t be able to successfully claim on your policy. You can save as much as 80% and get cheap loan cover with British Insurance and they give information in plain English which is essential and cuts out the technical jargon making it easier for the consumer to make the right choice.
