Help for those buying loan payment cover is on the way
- 19TH DECEMBER 2007
Loan payment cover has been surrounded by many problems since the Financial Services Authority began investigating in 2005. There have been many issues relating to the cover, it is often highly priced and the necessary information has not always been given at the time of selling the cover which means that many consumers do not realise there are exclusions which could stop them from claiming.
However this is soon set to change when the Financial Services Authority (FSA) brings in comparison tables which will give the consumer the information needed to determine if a policy would be in their best interests. From answering a series of questions consumers will be able to tell which of the payment protection policies would be right for their circumstances. The tables will also highlight the exclusions which are found in all policies and how much the cover will cost which of course enables the consumer to make an informed decision regarding the cover before they purchase.
For now the best place to get the key information needed as well as good value loan payment cover is with a specialist in payment protection such as British Insurance. British Insurance, for example, can save you as much as 80% on the cost of loan payment cover. Should you become ill, redundant or have an accident that prevents you from working, then a policy would give you a tax free income that would continue for up to 12-24 months, depending on the provider.
Until the comparison tables kick in for now the only way to be confident you will get all the information you need when it comes to taking out loan payment cover is to shop with ethical specialist British Insurance. Exclusions which could mean a policy would not be in your best interests include if you work part time, work for yourself, are retired or if you have an ongoing illness, but there can be others determined by the provider.
