If you want the cheapest loan payment insurance get several quotes
- 6TH NOVEMBER 2007
If you want the cheapest premiums for your loan payment insurance then it is essential that you shop around with the specialist providers in payment protection insurance (PPI) before deciding which cover to take. However that is providing you know you do have the option of taking the cover independently, which sadly many do not realise.
By choosing to take out your loan payment insurance with an ethical standalone provider such as British Insurance you can knock down the cost of the insurance by as much as 80% when compared to the high street lender. Along with this you can be sure of getting the vital information that you need so that you can make sure a policy would be in your better interest, exclusions which are common to all policies of this nature include only being in part time employment, suffering from a pre-existing medical condition at the time of taking the policy or being of retirement age.
Loan payment protection is generally sold with the loan at the time of taking the loan out and although this might seem like the easiest option you will be told very little about the cover and in some cases will not even be asked if it is suitable for your needs. A lack of information is what led to the majority of policies being mis-sold when the Financial Services Authority investigated in 2005 following a super complaint and they handed out fines to several well-known high street names.
Standalone specialist British Insurance is more ethical than the high street lender and as such offers honest free advice along with the cheapest loan payment insurance quotes possible for a quality product that will give you an income once you have been out of work for at least 30 days and will then continue to payout for up to 12 months. Some providers ask that you are out of work for anything up to 90 days and can continue to payout for up to a period of 24 months.
