by: Simon Burgess
Loan insurance can be a valuable lifeline if the worst thing should
happen and you are unable to work due to involuntary unemployment, an
accident or prolonged sickness. A policy will cover you for a specific
amount of money and for a period of time, usually around 12 months,
sometimes up to 24 months, which means that you would be able to
continue to met the monthly repayments on a loan, credit card or other
borrowing. However it can only be a valuable lifeline if you have
purchased the policy correctly.
Policies have exclusions within them and these are usually hidden in
the small print, so unless you specifically read the small print, they
can go unnoticed. This could mean that if you try to claim for
something that is excluded, then you simply won’t get paid and will
have wasted the premiums as well as have the financial worry of how to
cope. Unfortunately the majority of people buy a policy alongside their
loan or credit card from their and do not bother to read the small
print, believing that they have bought a policy they are eligible to
claim on.
In order to get the right policy for you, then it is essential that you
shop around go with an independent specialist provider who knows the
ins and outs of the sector and so can give you the benefit of their
knowledge. Along with this, the standalone provider is able to offer
you the cheapest premiums on a policy and this usually can make a huge
difference compared to the price quoted by the high street lender.
With finances often being stretched to the limit – after all, this is
why you take on a loan in the first place - then it is of course wise
to get the essential cover for the cheapest premium possible. The high
street banks have been well known for charging premiums that are way
above the odds in favour of making huge profits, even if this means
giving the consumer poor advice when it comes to their policy. So loan
insurance can be a valuable lifeline, but only when taken out
correctly, so do thoroughly research the marketplace before you buy.
About The Author
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.
Loan insurance can be a valuable lifeline if the worst thing should
happen and you are unable to work due to involuntary unemployment, an
accident or prolonged sickness. A policy will cover you for a specific
amount of money and for a period of time, usually around 12 months,
sometimes up to 24 months, which means that you would be able to
continue to met the monthly repayments on a loan, credit card or other
borrowing. However it can only be a valuable lifeline if you have
purchased the policy correctly.
Policies have exclusions within them and these are usually hidden in
the small print, so unless you specifically read the small print, they
can go unnoticed. This could mean that if you try to claim for
something that is excluded, then you simply won’t get paid and will
have wasted the premiums as well as have the financial worry of how to
cope. Unfortunately the majority of people buy a policy alongside their
loan or credit card from their and do not bother to read the small
print, believing that they have bought a policy they are eligible to
claim on.
In order to get the right policy for you, then it is essential that you
shop around go with an independent specialist provider who knows the
ins and outs of the sector and so can give you the benefit of their
knowledge. Along with this, the standalone provider is able to offer
you the cheapest premiums on a policy and this usually can make a huge
difference compared to the price quoted by the high street lender.
With finances often being stretched to the limit – after all, this is
why you take on a loan in the first place - then it is of course wise
to get the essential cover for the cheapest premium possible. The high
street banks have been well known for charging premiums that are way
above the odds in favour of making huge profits, even if this means
giving the consumer poor advice when it comes to their policy. So loan
insurance can be a valuable lifeline, but only when taken out
correctly, so do thoroughly research the marketplace before you buy.
About The Author
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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