If you want a payment protection policy then shop around for the best deal
- 26TH OCTOBER 2007
A payment protection policy can stop you from getting behind on your loan repayments and avoid you getting into debt but it has to be given some serious consideration. You have to make sure that you read the small print and are aware of the exclusions which can be found in all policies before you sign on the dotted line for your payment protection policy.
A payment protection policy is often offered by the high street lender at the time of taking out a loan and in some cases has been known to be included in the loan without the consumer even realising it or being aware of how much the cover will cost. This fact was highlighted during the recent investigation by the Financial Services Authority, which began in 2006 and is still ongoing, though there have been many problems associated with loan payment protection in was the way that the cover was being sold online alongside loans. Previously the cover was included by way of a pre-ticked box which the consumer had to un-tick if they didn’t want the cover. Of course this led to confusion and consumers buying cover that they didn’t want or couldn’t claim against. Thankfully many lenders have now agreed to change the way that the loan payment protection policy cover is sold online and it is hoped that many more changes for the better will arise in the future.
The safest and cheapest way of buying a payment protection policy is to go with a standalone specialist. A specialist will offer the cheapest premiums and British Insurance is one very ethical provider who will save you up to 80% on your payment protection policy premiums. Along with saving you money they also offer advice which is backed by years’ of experience and a quality product which can do the job it was designed to do providing you realise there are exclusions.
British Insurance make sure that they give you the information you need so that you can ensure that a policy is suitable for your needs and Managing Director Simon Burgess cannot stress enough how important it is that you read the exclusions and understand what a policy can and cannot do. If you want a payment protection policy that works, you have to understand it and shop around with the standalone provider if you want the cheapest quote and best deal.
