Stick with an independent provider for your loan payment cover
- 8TH NOVEMBER 2007
Those who specialise in payment protection insurance (PPI) and only sell payment protection products as their core business, historically offer the cheapest loan payment cover possible. British Insurance are one of the most ethical payment protection specialists and can save you up to 80% on a quality policy and provide you with excellent essential and free advice regarding the products they sell.
Loan payment cover can start from the 31st day of being out of work and provide you with the income so that you can continue servicing your loan or credit card repayments if you should lose your income due to becoming out of work through accident, sickness or unemployment. Policies differ between providers and some will not begin paying out until you have been out of work for around 90 days, cover from British Insurance lasts up to 12 months. The income you receive from the loan payment cover is tax free which means that you do not have to worry about getting into debt if you cannot work and you lose your income.
Loan cover has been known to be very expensive and it can be when taken out alongside the loan or credit card with the high street lender. A far better solution if you want peace of mind and security cheaply is to go with a specialist provider in payment protection, British Insurance offers the cheapest loan cover around but they also make sure that the consumer understands what they are buying and that there are exclusions which could mean a policy would be useless.
Common exclusions in all policies of this type include being in part time employment, suffering an ongoing illness, being of retirement age or being self-employed and while these are just the common ones more can be found in the small print depending on the provider.
British Insurance have been selling cheap loan payment cover of high quality for many years so back up their products with knowledgeable staff and a Managing Director, Simon Burgess who is considered to be one of the few “good-guys” left in the payment protection sector.
