Protect your loans with payment protection insurance cover
- 18TH OCTOBER 2007
If you are in full time work and have a loan to repay then you should give some thought to what you would do and how you would continue to repay your loan if you became unable to work after suffering from an accident, sickness or through unemployment by such as being made redundant. While payment protection insurance cover has earned itself a bad name and faith in the product is at an all time low, it can give the peace of mind and security of a tax free monthly income should disaster strike.
Payment protection insurance cover will give you an income with which to carry on servicing your monthly loan repayments once you have been out of work for a period of time which can depend on the provider but is usually between the 31st day of being out of work up to the 90th.
Payment protection insurance cover continues to be paid every month you are out of work after suffering from an illness, if you are made redundant or if you should have an accident for up to 12 months and with some providers for up to 24 months. The premium you pay for the cover will depend on your age at the time of taking out the policy, the amount of your loan and the level of cover you wish to take.
Buying payment protection insurance cover alongside your loan from the high street banks and lenders is usually costly. A much cheaper way to get a quality product is to go with a standalone provider for your payment protection insurance cover. British Insurance is one of the most ethical specialist payment protection providers who can help to save you up to 80% on your premiums while providing you with peace of mind.
A specialist such as British Insurance will give you the key facts of a policy along with the exclusions so that you are able to make an informed decision regarding the suitability of a policy. Some of the most common reasons which can stop you from making a claim include suffering from an ongoing illness, being retired, self-employed or only being in part time work and a specialist will always ensure you are aware of these and other exclusions which could mean payment protection insurance cover wouldn’t be suitable for your circumstances.
