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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