Mortgage, Loans, Insurance, Real Estate, Investment, Tax and Financial Services

Have You Considered Loan Cover To Protect Your Repayments?

Taking out a loan is a huge responsibility and while your circumstances are right at the time you take it out they could change in the near future. If you were to become unemployed by such as being made redundant or suffering an illness or accident, then finding the money to continue servicing your loan repayments could become a nightmare. Loan cover could make sure you would have the money needed each month to continue meeting your repayments but careful thought does have to be given before buying.

Unfortunately while loan payment protection insurance can be a financial safety net it is not suitable for all individuals and you do have to check that it would be right for you. Exclusions are what stop you from being able to claim. Those who are in self-employment, suffer a pre-existing medical condition, are retired or only work for a few hours each week in part time employment would probably not be suited. While these are the most frequent exclusions a provider can add in others.

When considering taking out loan cover you should do your homework to find out as much about a policy as possible. Lack of knowledge about what you are buying leads to problems but if you go with a specialist in payment protection you can find all the information you need. Ethical providers will give you the information in plain English which takes the mystery out of payment protection products.

An independent provider will offer loan cover that would give you a replacement income each month once you have been unable to work for between 30 and 90 days. Once the first payment has commenced it could continue for 12 to 24 months depending on the terms and conditions. The income is tax free and would allow you peace of mind and security that you would not get behind on your loan commitments. This allows you to concentrate on the recovery process without worry and recovery without stress is often a speedier one.

Loan insurance can be taken out alongside the borrowing and while this might seem like the simplest option, it is often the most expensive. High street lenders sell cover alongside loan products as a sideline and as such often do not have the correct training when it comes to selling techniques. It is the poor selling techniques which have given payment protection products a bad name and this was highlighted in 2005 by the Citizens Advice. Since this the Office of Fair Trading, the Financial Services Authority and Competition Commission have been investigating. The results of which so far have been conditions set out for the way cover is sold and fines being handed out to those firms who have been found guilty of mis-selling.

The cheapest way to buy loan cover is to stick with an independent specialist provider. By doing so you will benefit from the cheapest premiums and the best free advice possible on all aspects of loan cover and the rest of the family of protection policies.

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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