What you need to know about a loan insurance policy
- 14TH JULY 2007
A loan insurance policy is generally known as a payment protection insurance policy and can either be bought from the lender who gives you the loan or from an independent provider.
When purchased correctly a loan insurance policy will pay out a tax free set amount of money each month to take care of your loan repayments should you be unable to work due to accident, long term illness or involuntary unemployment for 30 days or more.
Typically, the loan insurance policy will take over for around 12-24 months.
However not all loan insurance policies are of the same quality and there are some that will cost you an arm and a leg. Never take your policy alongside your loan and do ensure that shop around for the best deal for your policy.
It is neither a compulsory product, nor do you have to buy it from your lender.
An independent, standalone provider is a good place to get low cost premiums.
British Insurance are one of the most ethical standalone providers who can help you to make savings of up to 80% on your loan insurance policy premium while at the same time providing you with a quality product. A standalone provider is always the best way to go for quality and cheap cover and Simon Burgess who heads British Insurance is a staunch believer in putting the consumer ahead of making huge profits.
Really all you need to know about a loan insurance policy can be found at British Insurance. It couldn’t be easier to get a quote and once you have, then applying online just takes a few minutes. Of course if you need help then someone from the team can give you free and honest advice.
