Protect Your Monthly Loan Repayments With Loan Cover

Protect Your Monthly Loan Repayments With Loan Cover



Protect Your Monthly Loan Repayments With Loan Cover
Just as​ you​ would go with a​ big name in​ electrical supplies if​ you​ were looking to​ buy a​ new TV set so you​ should go with a​ specialist provider when it​ comes to​ looking for loan cover .​
Loan cover can give you​ peace of​ mind and the​ security of​ an​ income in​ the​ event of​ you​ becoming unable to​ work,​ but you​ have to​ choose it​ wisely.
Just as​ with anything you​ buy there can be pitfalls and with loan cover it​ is​ the​ exclusions in​ a​ policy which can cause problems if​ you​ have not checked them against your circumstances .​
There are certain conditions which could mean that loan cover would not be suitable,​ if​ you​ are retired,​ self-employed,​ suffer a​ pre-existing medical condition or​ only work in​ a​ part time position .​
When bought correctly with the​ exclusions in​ mind,​ loan cover can give you​ the​ income each month if​ you​ were to​ lose your own through coming out of​ work due to​ an​ illness,​ if​ you​ were to​ suffer an​ accident or​ should become unemployed .​
The cover would kick in​ with a​ tax free income to​ cover yours up to​ a​ certain amount each month once you​ had been out of​ work for between 31 and 90 days dependant on​ the​ provider .​
a​ policy would then continue to​ provide you​ with peace of​ mind and security for between 12 and 24 months
Depending on​ where you​ buy the​ cover will all depend on​ how much information you​ will get regarding the​ exclusions .​
The lack of​ information was the​ main problem when it​ came to​ policies being mis-sold and which has been widely reported in​ the​ press over recent years .​
High street lenders add cover onto loans and mortgages while not always making the​ consumer fully aware that exclusions exist .​
This led to​ an​ investigation by the​ Financial Services Authority (FSA) and several high street names receiving fines before the​ sector was referred to​ the​ Competition Commission by the​ Office of​ Fair Trading for review .​
Some changes have been seen and many firms have taken the​ recommendations set out by the​ FSA to​ heart,​ however others are still putting huge profits ahead of​ the​ consumers best interest by failing to​ follow the​ guidelines.
The FSA recently announced that in​ 2018 over 4,​000 cases of​ mis-sold insurance have been investigated,​ this is​ double the​ year before .​
They also urge consumers who own the​ 20 million policies in​ the​ UK to​ check the​ terms and conditions because half of​ these could have been mis-sold .​
The best way to​ buy loan cover in​ order to​ protect your monthly loan repayments is​ to​ go to​ a​ standalone specialist,​ this way you​ will be able to​ read the​ exclusions and terms and conditions .​
Reading the​ small print is​ the​ only way to​ determine if​ your circumstances would permit you​ to​ be able to​ claim on​ a​ policy and so put an​ end to​ the​ mis-selling .​
The mis-selling has caused a​ loss of​ faith in​ payment protection products but it​ has to​ be remembered that it​ is​ not the​ fault of​ the​ products but of​ those who sell them without experience or​ the​ consumer’s best interest at​ heart.




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