How to purchase the best loan protection plan
- 13TH SEPTEMBER 2007
When it comes to your finances it is essential that you do your homework to ensure that you get the best loan protection plan for your needs and that it suits your lifestyle so you can claim successfully on the product if needed.
When bought with your circumstances in mind a loan protection plan can make sure that you would still be able to meet your loan repayments each month without having to worry about where to find the money. A loan protection plan would provide you with a sum of money each month which is tax free and which would continue to pay out for up to 12 months and with some providers 24 months. The policy would usually start after you have been out of work for 30 days or more and you have the choice of taking out the insurance to guard against the fact that you might be out of work due to accident and sickness only, unemployment only or for accident, sickness and unemployment together.
A loan payment protection plan is sold under different names; it has been called ASU insurance and loan payment insurance. It is imperative that you do understand the product and its limitations; the limitations are highlighted as exclusions in a policy and these are often hidden in the small print of the policy. If the loan protection plan is bought alongside the loan from the high street lender then very little if any information is given about the policy, if you want to ensure you get this information then the best way of doing so is by going with a standalone specialist provider such as British Insurance.
British Insurance is headed by Simon Burgess, Simon is considered to be one of the good guys in the sector and this is down to the way that British Insurance sells their award winning products. British Insurance don’t put huge profits ahead of the consumers best interests as does the high street lender but instead gives the consumer the information they need to ensure that they aren’t mis sold a policy. Along with this they offer some of the cheapest premiums to be found online for a loan protection plan and back up their products with years’ of experience and honest advice regarding policy’s suitability.
