Understanding a loan insurance policy
- 9TH AUGUST 2007
As with the majority of most financial matters, the terms and conditions of a loan insurance policy isn’t always the easiest thing to understand. The majority who provide information give it full of technical jargon which you need a dictionary to understand, and that’s if any information is given at all. If you don’t want to get “ripped-off” when you purchase your loan insurance policy then it is essential that you understand the terms and conditions of it.
Luckily you have other options when it comes to buying the loan insurance policy and you don’t have to take the cover that the high street lender will try to push on you alongside your loan.
There are specialist providers out there that do offer clearer advice regarding the products they sell and British Insurance are one such provider that offers advice in plain English which takes the confusion out of the product and allows you to understand what a loan insurance policy provides and what is excluded.
A good policy will provide those in full time work with money each month to make sure that they can carry on meeting their loan repayments if they were to lose their income through unemployment, an accident or an illness.
The team at British Insurance led by Simon Burgess has done everything in their power to ensure that the consumer gets treat fairly and that the essential information is outlined. Simon says that the information about policies needs to be available before the purchase has been made, something which the high street lender is very reluctant to give.
A standalone provider such as this will not only give you the information you need but they also offer the cheapest quotes for a loan insurance policy which in British Insurance's case is 80% cheaper than the high street lender.
