If You Have Loan Repayments To Make Then Payment Protection Insurance
Could Ease Your Stress

If You Have Loan Repayments To Make Then Payment Protection Insurance Could Ease Your Stress



If you​ Have Loan Repayments to​ Make Then Payment Protection Insurance Could Ease Your Stress
If you​ have monthly loan repayments to​ keep up with every month and fear that if​ you​ came out of​ work you​ wouldn’t have the​ money to​ carry on​ repaying them,​ then loan payment protection could ease your stress and bring peace of​ mind that if​ you​ should come out of​ work due to​ accident,​ sickness and unemployment you​ wouldn’t have to​ struggle.
Loan payment protection can give peace of​ mind by providing you​ with a​ fixed monthly income each month which would be tax free and begin to​ pay out after you​ have been out of​ work,​ usually for 30 days or​ more and continue to​ pay out for up to​ 12 months,​ and with some providers for up to​ 24 months .​
The majority of​ times when you​ take out a​ loan the​ provider will try and push the​ cover onto you​ alongside your borrowing but this is​ the​ dearest way of​ taking out the​ protection and which led to​ many policies being mis-sold .​
An investigation by the​ Financial Services Authority after a​ super complaint by the​ Citizens Advice to​ the​ Office of​ Fair Trading found that mis-selling of​ payment protection insurance was widespread .​
With many high street lenders fined during the​ investigation confidence in​ the​ product has dwindled but it​ is​ important to​ remember that the​ product will work the​ way it’s designed to​ work if​ you​ buy it​ with care.
It is​ the​ exclusions in​ a​ loan payment protection insurance policy that could stop you​ from claiming and it​ is​ important that you​ read the​ small print to​ ensure that a​ policy is​ right for your circumstances .​
Once you​ have ensured that loan payment protection is​ right for you​ then shop around for your cover,​ favouring standalone providers as​ they are almost always cheaper .​
When comparing your payment protection insurance quotes,​ then check the​ cover on​ a​ like for like basis to​ ensure that you​ get the​ right policy for your circumstances.




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