 |
Is Loan Payment Protection Insurance A Good Buy? |
|
|
Submitted by Eliza Hickman
| RSS Feed
| Add Comment
| Bookmark Me!
Loan payment protection insurance can be a great buy and it can provide a valuable safety net on which to fall should you find yourself out of work due to an accident, long term sickness or unemployment. The cover can provide you with a tax-free monthly income which enables you to pay your commitments without worry while you get back to work. The period of time you are usually covered for is typically up to 12 months, though with some policies it is up to 24 months, which is usually more than enough time for you to get back on your feet.
However the policy is only a good buy if you choose it carefully and wisely. Sadly the industry has been blighted by the negative publicity surrounding loan protection with the high street lenders being the main culprits when it comes to selling over-priced, sometimes unsuitable, cover.
If you want to protect yourself with loan payment protection insurance then you should shop around and go to a standalone provider. A specialist who only deals in payment protection will be able to offer you the cheapest premiums along with giving you the best advice regarding the policy. One of the biggest findings by the Financial Services Authority’s recent investigation into the sector was that policies were being mis-sold with the consumer having no hope of claiming on it should they actually come out of work. The majority of times the reason why the policy had been mis-sold was due to the exclusions within the policy which the consumer wasn’t aware of. High street lenders have very little knowledge when it comes to selling protection policies and this is why it is always safer to buy from an independent provider.
So, is loan payment protection a good buy? Yes it can certainly can be, but only by looking carefully at what the policy offers and determining if it is suitable for your needs.
|
|
|
|
|
LinkedIn Recommendation:
 Jonah William - Owner at Tessier Marketing - I thought I was well versed in social media before I found Teo. He has helped me round my skill set with great information only he seems to teach. I went on the web and looked for it later, but it's just not there. The ShareThis.com counters for instance, which definitely don't work right... can't find that anywhere, but it's easy to prove once you know what to test for! Teo really has a way of getting to what works and what works best! - March 17, 2012, Jonah was Teo's client |
|
Featured [publicity] Articles:
|
|
