Loan payment protection, is it worth taking out?
- 8TH JULY 2007
With all the recent bad publicity that has surrounded the loan payment protection industry, the big question on most people’s lips is “Is loan payment protection worth taking out?”
Loan payment protection is usually taken out if you have a loan or credit card and the cover will provide you with a fixed, tax-free monthly income that will ensure that you are able to keep up with the repayments should you find that you are unable to work due to an accident, involuntary unemployment or long term sickness.
Loan payment protection has sadly earned itself a bad name due to the way that policies are often mis-sold and the high premiums charged for them. However the majority of culprits have been the high street banks and similar lenders.
When purchased correctly loan payment protection is something worth considering taking out, and buying the cover independently from a standalone and specialist payment protection provider such as British Insurance can save you up to 80% on your premiums.
British Insurance is one of the most ethical loan payment protection providers in the business and while helping you to make savings, they also give great advice. Getting a quote for your loan payment protection insurance couldn’t be easier. Simply calculate the amount you wish to cover each month and select your age then click on the little blue button for an instant quote.
When you take loan payment protection with British Insurance the policy will pay out should you be out of work for 30 days or more and they will even back date it to day one of your claim.
