Uk Loan Protection Insurance Can Be Found Cheaply

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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