Why payment protection insurance is a financial safety net
- 5TH JUNE 2007
Payment protection insurance has recently been in the spotlight for all the wrong reasons. This is due to the ongoing investigation by the Financial Services Authority into the wide mis-selling of the policies and the referral of the sector for an in-depth review to the Competition Commission.
Many people have been sold a policy which through the many exclusions within the policy they have found they cannot claim on.
Not surprisingly confidence in the product has dropped drastically, which means that many people could be leaving themselves wide open to financial heartache should they find themselves suddenly out of work and they haven’t got the financial safety net of payment protection insurance.
What the majority of consumers don’t understand is that it is not the product that deserves such a bad name, but rather those that have mis-sold policies, namely the high street banks and lenders who charge extortionate rates on their premiums.
Payment protection insurance is a valuable investment for anyone having taken out credit. It is a safety net on which to fall if you were suddenly to become out of work through accident, sickness or unemployment and it pays out enough to cover your monthly loan repayments, typically for a year.
By buying the insurance independently from an ethical provider such as British Insurance, you can be sure of purchasing a quality product while paying the lowest premium. British Insurance doesn’t sell anything but payment protection insurance products and are specialists in the sector. They are an ethical company backed by consumer champion Simon Burgess who believes in putting the consumer before big profits.
