Was your loan protection policy clearly explained?
- 9TH AUGUST 2007
If you bought your loan protection policy from the high street lender then the chances are that you have very little idea of what the cover actually means. As the Press has recently highlighted, many high street lenders give little information regarding the products which has led to many policies not even been viable to claim against.
If yours wasn’t explained at the time you purchased it then you could have been mis-sold your policy and have left yourself wide open if you should find yourself out of work. A loan protection policy is designed to cover your monthly loan repayments if you should find that you are unable to work due to having an accident, being ill or finding yourself unemployed.
Providing you were given the correct advice when you bought your policy then you should receive a tax-free fixed monthly income for up to 12 months which can cover the monthly repayments of your loan.
A far better way to purchase the loan protection policy cover is by doing so yourself through a standalone and specialist payment protection provider. British Insurance has an excellent reputation when it comes to selling loan payment protection policies because payment protection products are all they sell.
Along with giving you a quote for a policy that is on average 80% cheaper than the high street lender, they offer good free advice on their products.
If you want to be sure that you will be able to claim on a loan protection policy then take the advice that British Insurance offer so that you can make an informed decision for yourself.
