Take your loan payment cover independently
- 9TH AUGUST 2007
While not many realise it, you can take your loan payment cover independently instead of taking it out alongside a loan. The cover doesn’t have to be taken from the high street lender and it isn’t essential; some people might not even be eligible for the cover yet have been sold a policy regardless by the high street lender.
Just because the high street lender might have given you the cheapest interest rate on your loan payment protection cover this doesn’t mean that they will offer the cheapest premium on the protection for the loan. In fact it is usually the reverse and the loan cover is generally around 80% more than had you bought the cover from one of the cheapest standalone specialist providers, British Insurance.
The reasons why standalone providers such as British Insurance can give you a cheaper quote for loan payment cover is because they have ethics and pride themselves on putting the consumer before huge profits. The high street lender on the other hand grabs the huge profits ahead of the consumer’s better interests.
Another plus to going independently, besides making huge savings, is the expertise a standalone provider will have. British Insurance are backed by years’ of experience and pass this onto the consumer, good quality loan payment cover from British Insurance will give you a monthly income for up to 12 months if you should find yourself unable to work through accident, sickness or unemployment, providing you meet the criteria.
