Where do I find the best value loan insurance?
WALES ON SUNDAY - 21ST MARCH 2004
Almost certainly not direct from a lender. Simon Burgess at independent broker Burgesses says, personal loan insurance offered by lenders is much pricier than it needs to be.
He advised people to use money they might spend on insurance on paying off the loan instead. If they insist on cover, he says, best option is to fix income protection to cover all out goings against unemployment and disability or both, with the help of a website like www.britishinsurance.com. On a £5000 loan over three years, for instance, Burgesses fixes cover for £5 a month – about a third the price which lenders will charge.
