Payment protection insurance can give you an income to repay your loan if you come out of work
- 28TH OCTOBER 2007
Payment protection insurance can give you an income with which to carry on meeting your loan repayments if you were to find yourself out of work after falling sick, suffering from an accident or if you were to be made involuntarily redundant. However you do have to make sure that a policy would be suitable for your circumstances as they aren’t suitable for all individuals and the exclusions which can stop you from claiming can be found in the small print.
Some of the most common reasons which can stop you from claiming on a payment protection insurance policy include if you are in self employment, suffer from an illness at the time of taking out the policy, are of retirement age or if you are only working part time. While these are just the common there are others and it is essential that you check the small print of any policy that you are interested in taking out.
The best place to look for payment protection insurance is with the standalone and ethical payment protection specialist. One such provider is British Insurance, British Insurance are headed by Managing Director Simon Burgess. Simon is very outspoken when it comes to the way that the high street lender has “ripped-off” the consumer and still continues to do so despite the intervention in the market place of the Financial Services Authority.
They recently investigated the sector and fined several household names for their sloppy sales practices.
The sector is now in the hands of the Competition Commission and Simon insists that more needs doing to make the products’ terms and conditions more transparent.
Payment protection insurance will for a monthly premium give you an income with which to service your loan repayments once you have been out of work for a pre-defined period of time which can be between 31 and 90 days. Once the cover has started to payout it would continue to do so for up to 12 months and with some providers for up to 24 months. British Insurance offer a policy that is of top quality and they do everything they can to ensure that the consumer has access to the vital information needed to make sure of a policy’s suitability.
