Is Loan Payment Protection Insurance A Good Buy

Is Loan Payment Protection Insurance a​ Good Buy?
Loan payment protection insurance can be a​ great buy and it​ can provide a​ valuable safety net on​ which to​ fall should you​ find yourself out of​ work due to​ an​ accident,​ long term sickness or​ unemployment .​
The cover can provide you​ with a​ tax-free monthly income which enables you​ to​ pay your commitments without worry while you​ get back to​ work .​
The period of​ time you​ are usually covered for is​ typically up to​ 12 months,​ though with some policies it​ is​ up to​ 24 months,​ which is​ usually more than enough time for you​ to​ get back on​ your feet.
However the​ policy is​ only a​ good buy if​ you​ choose it​ carefully and wisely .​
Sadly the​ industry has been blighted by the​ negative publicity surrounding loan protection with the​ high street lenders being the​ main culprits when it​ comes to​ selling over-priced,​ sometimes unsuitable,​ cover.
If you​ want to​ protect yourself with loan payment protection insurance then you​ should shop around and go to​ a​ standalone provider .​
a​ specialist who only deals in​ payment protection will be able to​ offer you​ the​ cheapest premiums along with giving you​ the​ best advice regarding the​ policy .​
One of​ the​ biggest findings by the​ Financial Services Authority’s recent investigation into the​ sector was that policies were being mis-sold with the​ consumer having no hope of​ claiming on​ it​ should they actually come out of​ work .​
The majority of​ times the​ reason why the​ policy had been mis-sold was due to​ the​ exclusions within the​ policy which the​ consumer wasn’t aware of .​
High street lenders have very little knowledge when it​ comes to​ selling protection policies and this is​ why it​ is​ always safer to​ buy from an​ independent provider.
So,​ is​ loan payment protection a​ good buy? Yes it​ can certainly can be,​ but only by looking carefully at​ what the​ policy offers and determining if​ it​ is​ suitable for your needs.

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