Make sure loan protection works for you
- 8TH AUGUST 2007
Loan protection can be a good thing to have in your corner and it can work for you providing you know the pros and cons of the product and have made sure that you fit the criteria of a policy. This has been one of the biggest problems of the product; it is often sold with very little information about it which has left some consumers being unable to make a successful claim on their policy.
The majority of loan protection policies are bought alongside a loan which is taken from the high street lender; this is either because it is simply the easiest option for getting the cover or because it has been pushed by the lender or due to the consumer being unaware that they do have the option of shopping around for loan protection.
When bought this way, often very little information is given concerning what is and is not covered in the loan protection policy.
In the worst cases the wrong information has been given and policies have been mis-sold. High street lenders simply don’t have the knowledge of the products they sell because they are sold as add-ons alongside the loan. An independent specialist loan protection provider on the other hand knows their products and this is where you should buy the product.
One such specialist provider who is considered to be one of the “good guys” in the industry is British Insurance. Simon Burgess heads the company and is for the consumer and their rights, not against them. Simon regularly voices his personal opinion when it comes to the way the high street banks and lenders treat the consumer.
Simon has branded the high street providers a “rip-off” and rightly so when you take into account that cover provided by these companies will often cost you up to 80% more than the loan protection British Insurance provides.
So make sure your loan protection policy works for you, take advice from the “good guys”.
