Payment protection insurance cover sees a change for the better in March 2008
- 25TH DECEMBER 2007
In March 2008 some of the mystery surrounding payment protection could be erased and buying payment protection insurance (PPI) cover could be made a whole lot easier. The Financial Services Authority (FSA) are introducing comparison tables which they hope will make the products more transparent and will give the consumer all the information needed to be able to determine if they are making the correct choice.
Tables will reveal after a series of questions which payment protection insurance cover product would be in their best interests and will tell them how much the cover will cost. Previously very little information regarding the products had been available unless you had chosen to go to a standalone provider. With the majority of payment protection insurance cover being sold alongside the loan with the high street lender, many bought cover without knowing if it was suitable due to the exclusions.
If you want access to the vital information needed to determine suitability of the cover then a payment protection specialist such as the ethical British Insurance should be consulted. British Insurance makes the key facts available along with offering some of the cheapest quotes for the cover which can save you up to 80% in comparison.
Payment protection insurance cover providing it suits your circumstances and you are in full time work, not of retirement age, self-employed or suffering a pre-existing illness give you an income each month to continue paying your loan. Cover with British Insurance starts from day 31 and continues for 12 months, some policies can payout for up to 24 months but you might not be able to start claiming for anything up to the 90th day. Always make sure you read the key facts and small print of any policy and compare these just as you compare the cost of the cover as no two providers tend to be alike.
