Shop around when it comes to buying your payment protection plan
- 27TH OCTOBER 2007
When it comes to getting your payment protection plan then you have to understand that you have the option of choosing where to buy the cover from and that you can buy it independently from your loan instead of alongside it with the high street lender.
A payment protection plan is taken out to ensure that if you were to come out of work for reasons such as suffering from an accident, sickness or due to unemployment then you would still have the money needed each month to carry on meeting your loan repayments.
A policy, providing it is suitable for your circumstances, would begin to pay you once you had been out of work for a set period of time which can range between 31 and 90 days depending on the provider. The cover would then provide a tax free sum each month if you should have to remain off work for up to 12 months and with some providers for up to 24 months.
British Insurance are one of the leading payment protection plan providers offering payment protection plans that feature regularly in the “best-buy” tables and, of course, as they only deal in payment protection insurance, they back up their policies with years’ of experience.
Simon Burgess who is Managing Director of British Insurance knows that in order for a policy to work it has to fit your circumstances and so gives the consumer the information they need so they can make sure that the exclusions wouldn’t stop them from being ineligible to make a claim.
Some of the most common reasons why people cannot make a claim on a payment protection plan include if you are retired, self-employed, suffer from a pre-existing medical condition or if you are only in part time employment. However Simon warns that it is essential to not only shop around and check the premiums but also the small print as the exclusions can vary slightly from provider to provider.
