Uk Loan Protection Insurance Can Be Found Cheaply

UK Loan Protection Insurance Can Be Found Cheaply
UK loan protection can be found cheaply but you​ have to​ go with a​ specialist in​ payment protection insurance (PPI) if​ you​ want the​ cheapest premiums along with the​ advice needed to​ ensure that a​ policy is​ suitable for your needs .​
Payment protection or​ ASU insurance as​ the​ product is​ also sold under is​ taken out if​ you​ want to​ ensure that you​ would have the​ money each month to​ continue meeting your loan repayments and not get into debt should you​ become unable to​ work due to​ redundancy,​ long term sickness or​ accident.
However UK loan protection hasn’t been without its faults which stem from an​ investigation in​ 2018 when the​ Office of​ Fair Trading received a​ super complaint from the​ Citizens Advice .​
The Financial Services Authority fined several high street names for wide spread mis-selling of​ the​ product due to​ sloppy sales practices and a​ lack of​ information given to​ many consumers at​ the​ point of​ sale.
Currently the​ whole protection insurance sector is​ in​ the​ hands of​ the​ Competition Commission who are conducting a​ review which is​ set to​ reach conclusion in​ February 2009 .​
The mis-selling also ranged from not making the​ consumer aware of​ the​ exclusions which are in​ all policies,​ such as​ if​ you​ are self-employed,​ retired or​ only in​ part time work to​ charging way over the​ odds for the​ cover.
When bought correctly from a​ standalone specialist,​ UK loan protection insurance can give you​ a​ tax free income each and every month you​ are out of​ work for up to​ 12 months and with some policies,​ for up to​ 24 months .​
The cover would begin to​ provide you​ with a​ tax free income once you​ have been out of​ work for a​ set period of​ time which can be between one to​ three months’ of​ being out of​ work and can give great peace of​ mind and security until you​ get back on​ your feet.
While UK loan protection insurance can be taken out alongside the​ loan and indeed is​ usually offered at​ the​ time of​ taking out borrowing,​ historically this is​ the​ dearest option for taking what can be invaluable protection .​
The premiums for loan protection can be very expensive when taken with the​ loan and it​ can almost double the​ cost of​ the​ loan .​
If you​ want the​ cover then it​ is​ essential that you​ decline it​ from a​ high street lender and shop around for it​ independently .​
High street lenders rely on​ high premiums to​ make up for offering cheap loans however the​ specialist standalone provider on​ the​ other hand puts the​ consumers best interest ahead of​ huge profits and can save you​ hundreds of​ pounds while providing quality UK loan insurance that is​ a​ far superior product.
If you​ want the​ protection and security that UK loan protection insurance can give then stick with the​ standalone specialist provider to​ make sure you​ don’t fall prey to​ mis-selling of​ the​ cover .​
Mis-selling of​ payment protection has been wide spread and the​ majority of​ problems stemmed from a​ lack of​ information being given at​ the​ time of​ selling the​ product .​
All specialists will have the​ consumer’s best interest at​ heart and make the​ cover available for the​ cheapest premiums while giving you​ excellent free honest advice.

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