Uk Loan Protection Insurance Can Protect Your Repayments If You Should Come Out Of Work

UK Loan Protection Insurance Can Protect Your Repayments If you​ Should Come Out Of Work
If you​ have monthly loan repayments to​ make then you​ could be left with a​ serious struggle of​ where to​ find the​ money if​ you​ were to​ come out of​ work due to​ an​ accident,​ sickness or​ through unemployment such as​ redundancy .​
UK loan protection insurance can help to​ protect your loan repayments if​ you​ should come out of​ work,​ but it​ does have to​ be given some very serious consideration as​ it​ isn’t a​ suitable product for all circumstances due to​ the​ exclusions within it.
UK loan protection insurance would begin to​ payout once you​ had been out of​ work for a​ defined period of​ time and this can vary from provider to​ provider .​
Cover can begin to​ payout from the​ 31st day of​ being out of​ work but it​ can be as​ much as​ the​ 90th day .​
However the​ majority of​ UK loan protection insurance policies are backdated to​ day one .​
Once the​ policy has kicked in​ it​ would continue to​ give you​ the​ money to​ meet your loan repayments and keep you​ out of​ debt for up to​ 12 months and with some providers for up to​ 24 months.
There are exclusions in​ all UK loan protection insurance policies that could mean the​ cover wouldn’t be suitable for your circumstances and these are usually found in​ the​ small print of​ a​ policy .​
It is​ essential that you​ read the​ small print and the​ key facts and if​ you​ go with a​ standalone provider you​ are more than likely given access to​ these .​
Some of​ the​ most common reasons which could stop you​ from making a​ claim on​ your UK loan protection insurance include suffering from an​ illness at​ the​ time of​ taking out the​ policy,​ being of​ retirement age or​ only being in​ part time work.
UK loan protection insurance has been in​ the​ spotlight for all the​ wrong reasons when the​ Financial Services Authority began investigating the​ sector in​ 2018 following a​ super complaint by the​ Citizens Advice to​ the​ Office of​ Fair Trading .​
Fines were handed out to​ several high street names and then the​ sector was referred to​ the​ Competition Commission .​
They are currently conducting an​ in-depth review of​ the​ sector which is​ expected to​ reach conclusion in​ February 2009.
While still being under the​ watchful eye of​ the​ FSA the​ recent investigation which has focused on​ mystery shopping has revealed that some UK loan protection insurance cover is​ still being sold without being understood and the​ FSA will hand out fines now to​ the​ Chief Executives of​ those firms found to​ not have the​ consumer’s best interest at​ heart.
For now if​ you​ want UK loan protection insurance then stick with a​ standalone provider to​ make sure that you​ get the​ cheapest premiums and the​ correct advice needed to​ ensure that the​ product is​ suitable for your circumstances.

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