You can get a cheap loan protection quote if you look around
- 6TH NOVEMBER 2007
It is possible to get a cheap loan protection quote but you have to go with a standalone specialist provider in payment protection insurance (PPI). A payment protection specialist such as the ethical British Insurance can help you to save around 80% on your loan protection quote whilst at the same time ensuring that you have all the information needed to make the decision regarding whether a policy would be suitable for you.
There are exclusions in payment protection insurance policies with all providers that can stop you from making a claim, the most typical include being of retirement age or if you only have a part time job. There can be more so you have to read the policies’ small print. However, if you go with an independent provider such as British Insurance for your loan protection quote they will ensure that you get access to this information in an easy to read and understand format.
The loan protection quote will be based on how much you want to protect each month and how old you are at the time of taking out the policy. Providing the cover is suited to your needs then it would begin to give you a monthly sum if you were to come out of work after suffering an accident, sickness or through unemployment once you have been out of work for at least 30 days with British Insurance and up to 90 days with other providers. Cover would then last for between 12 and 24 months and would ensure that you have a tax free income which would allow you to continue meeting your loan repayments each month without worry.
The cheapest loan protection quote is with the specialist provider and although it can be taken out alongside the loan or credit card at the time of taking on the loan, this is the dearest way of taking out the cover and it will boost up the cost of the loan considerably. Shop around with standalone providers and get several quotes and make sure you always read the small print of any policy you are considering taking out.
