If you have taken out a loan from the high street lender then they probably would have tried to push their loan protection insurance alongside the loan, hopefully that you knew your rights and options when it comes to loan protection and decided to shop around and take the cover independently if you wanted it. On the downside you could have given in or you might not even be aware that the cover was included with the loan and if this is the case then you are probably paying well over the odds for your loan protection insurance and could even have taken a policy out on which you cannot hope to claim.
When it comes to taking out loan protection insurance then your best course of action should be to go to a specialist provider to get the cheapest quotes for your loan protection for you.
Loan protection insurance will give you a monthly income with which to continue paying your loan repayments if you should come out of work due to suffering from an accident, long term sickness or unexpected unemployment. The cover would pay out a tax free sum of money which was determined at the start of the policy based on the quote for the premium and would start after you had been out of work, usually for 30 days or more and give you the income each month for up to 12 months (and with some other providers, for up to 24 months).
Providing that you understand what a policy will cover and what it will not as defined in the exclusions of the policy in the small print, then loan protection insurance could not only give you peace of mind but also could stop you from struggling to find the money each month or from getting into more debt problems.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of loan protection insurance, mortgage payment protection insurance and income protection insurance.
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