Loan payment protection insurance cover still being mis-sold
- 11TH DECEMBER 2007
If your circumstances match that of loan payment protection insurance cover then a policy could give you the income to make sure that you would be able to carry on meeting your loan repayments each month. This eases the worry of where you would find the money each month to stop you getting yourself into debt if you were to come out of work due to an accident, sickness or through unemployment.
An ongoing investigation into payment protection which began in 2005 has recently revealed that despite the investigation and changes being stated to make improvements, firms are still failing. 4,000 cases have been investigated in 2007 which is twice the amount of those last year. The Financial Services Authority (FSA) is now strengthening their actions against firms selling payment protection inaccurately along with the Competition Commission conducting an in-depth review of the sector.
Loan payment protection insurance cover when taken from standalone specialist provider British Insurance can save you up to 80% on your policy along with ensuring you get the information needed to determine if the cover would be suitable for your needs. Some typical exclusions which can stop you from making a claim include if you are in part time work, suffer from a pre-existing illness, are retired or if you are self-employed. There can be other exclusions so it is worthwhile checking the small print of the policy along with the comparing the premiums for the cover.
Hopefully with the introduction of comparison tables in 2008, loan payment protection insurance cover will be easier to buy but until then stick with a specialist in payment protection to ensure that you get all the vital information needed. The tables will highlight exclusions in a policy along with how much the total cover will cost and a series of questions will help the consumer to determine which type of cover is most suitable for their circumstances.
