The importance of protecting your finances
- 6TH JUNE 2007
Perhaps the best way to protect your finances is to not get into a mess or go overboard in the first place. However sometimes we need to borrow, it can’t be helped, but when we do then the best and most sensible thing we can do is to at least protect our finances by taking out cover.
The biggest problem is that people take out loans and mortgages which are up to five times over the amount of money that they earn, which means they find themselves stretched to the very limit. However rather than persuade people to take out a loan they can more easily afford, the banks go all out in order to make huge profits on the interest rates.
Not only this but then the bank gets even greedier and persuades the consumer to take out payment protection insurance (PPI). While payment protection is a very good idea and does safeguard your monthly repayments on loans, credit cards or mortgage, typically for a period of up to 12 months, when bought alongside a loan or credit card it can cost an arm and a leg.
What the majority of people don’t realise is that they can still have the safety net that the protection provides, but they can buy it much more cheaply if they go independently.
One independent payment protection specialist is British Insurance; they can provide you with a quality product for the lowest premium around. British Insurance only deal in insurance products and they are an ethical, standalone provider who are able to save you around 40% on your premiums without compromising on the quality of the product.
