If you want to get a quality product that you know you can rely on while at the same time getting the cheapest quotes for loan payment protection insurance, you should go with a standalone provider. However, it isn't just about cost - you should compare the policy terms and conditions as well as the benefits too in order to get the right cover for you.
It is the terms and conditions which will determine how suitable a policy is for your circumstances. There are exclusions which can be found on a regular basis in all policies. If you are self-employed, retired, suffering a pre-existing medical condition or are only in part time work then loan cover might not be suitable for your circumstances. Check that the provider has not included others though because they can vary.
So how can loan payment protection insurance help you? This invaluable protection could provide a financial a lifeline if you were to find yourself unable to work. Being off work after suffering from an accident, contracting an illness or becoming unemployed through no fault of your own all come under loan protection cover.
The amount that you are asked to pay for having this financial security for your repayments will depend on the provider. An ethical standalone provider will tend to charge the lowest premiums while at the top end of the scale are the quotes given by the high street lender at the time of taking out the borrowing. Sadly many individuals do not realise they can shop around and take out loan payment protection insurance independently of their loan provider.
High street banks rake in hug profits from the sale of loan cover which is often pushed at the time of borrowing. In some cases cover was added onto the cost of the loan without the individual being aware or being told about the exclusions. This led to many buying loan insurance they could not claim against and the start of an investigation by the Office of Fair Trading and the Financial Services Authority.
Faith in payment protection insurance has been lost but it is important to remember that the cover is not the problem. When the individual is alerted to any exclusions as well as the terms and conditions then it can work in the way it was intended. It is the poor selling techniques that have caused the majority of problems.
Loan payment protection insurance along with the rest of the family of protection policies should become more transparent in March 2008. This sees the introduction of tables which can be used to compare the different payment protection products. Along with this the exclusions will be pointed out and how much the cover will cost in total. This should be one of the changes for the better and it is hoped that many more will follow. The peace of mind that you would have a tax free income with which to continue servicing your loan repayments should you become unable to work doesn't need to be expensive nor hard to find. It allows you to concentrate of getting better and returning to work.
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