What to look for in a payment protection quote
- 26TH JULY 2007
Getting a payment protection quote is easy because there are so many high street banks and lenders that double up as providers, but deciphering it is not necessarily as simple and can serve to confuse some consumers. It is no wonder when you consider that many of the important terms and conditions are left out of a payment protection quote so that individuals do not know what they would be covered for.
All high street banks and lenders are required to include the overall price and premium in a payment protection quote, but they are not necessarily obliged to inform the consumer of all terms and conditions before setting the policy up for them. For example, loan payment protection is often added to the balance of the loan if taken out in conjunction with it. This would make it eligible for interest payments and push the cost of the loan up. In fact, high street providers have been known to add it on to a loan without confirming that the individual wanted it in the first place!
Companies offering standalone payment protection insurance, like independent payment protection provider British Insurance, will fully explain a payment protection quote when it is given so that potential customers know what they are covered for and what the exclusions are. Their payment protection quote will actually tell a consumer everything he or she needs to know and thus will give him or her all information necessary to make an informed decision.
