What to look for when choosing your loan payment protection insurance plan
- 6TH AUGUST 2007
As with anything you purchase you should learn everything about the product that you can before buying it, and when it comes to choosing your loan payment protection insurance plan, this is no exception. However, it can be hard trying to get the information needed to ensure that a policy is right for your circumstances.
If you take out a loan with the high street bank or lender then more often than not they will want to add the cost of the loan payment protection insurance plan onto your loan or credit card. Many will allude that it is compulsory that you take their cover, when, in fact, it is not. You are free to take the cover with whomever you wish – if you wish to take a loan payment protection insurance plan at all.
The problem with taking loan payment protection insurance from a high street provider is that although it’s the easiest option for you, it will also be the costliest.
Getting an independent quote from a standalone provider is the best way to purchase a loan payment protection insurance plan. A quote from specialist and ethical provider British Insurance will save you, on average, around 80% on your premium.
British Insurance also make it easy to understand just how much the total cover will cost as they quote for every £100 worth of cover required.
Along with this, policies are clearly explained in easy to understand terms, which enables the consumer to make the right decision. A loan payment protection insurance plan doesn’t cover everything as the high street lender would have you believe. It can cover you if you should suffer an accident, illness or become unemployed but there are certain exclusions within all policies which could mean you aren’t eligible to claim.
British Insurance are open and honest about this and urge the consumer to think carefully and make sure they fully understand the product they are buying when choosing a loan payment protection insurance plan.
