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Insurance :: Loan Protection Insurance

Loan Protection Insurance

You may well have chosen your loan provider because they were a specialist in that area of finance. Being a specialist in arranging or providing loans does not necessarily make them a specialist in loan protection insurance products even if those insurance products are connected to the loan. Most lenders will not tie you to purchasing their loan protection product so you could be free to shop around. Why not try the specialised loan protection insurance brokers who deal only in this type of cover. These are available, often over the internet, and you have a very good chance of saving money by using a specialist provider. Even a moderate monthly saving in premium cost will mount up over the period of the loan. In addition these specialist loan protection insurance providers can often provide wider cover or flexibility in cover where you can select the sections of cover that you need.

No matter how wide the loan protection insurance cover there will still be exclusions which in certain circumstances could be significant to you. Some of the common exclusions are as follows.

Medical conditions that existed prior to the loan protection insurance insurance being taken out.

• Chronic re-occurring medical conditions.
• Stress related conditions and back complaints are usually only covered subject to certain stricter criteria.
• Those who are self employed are usually required to actually have ceased trading rather than just not working because of a lean patch.
• Unemployment has to be involuntary even though voluntary redundancy might be common within the industry you work.
• Pending unemployment that was known about before the inception date of the cover.

But do not let the exclusions put you off. Loan protection insurance policies do provide a valuable level of cover for the majority of employed people at an affordable premium level. It is important that you check the loan protection insurance cover provided to see if the exclusions and cover requirements will fit your particular needs.

If you find that one level of loan protection insurance cover is alright but another section would be of little use, then a specialist provider may be able to offer you the flexibility of purchasing only the sections of loan protection insurance cover that you need.

Full loan protection insurance cover from a specialist provider may cost as little as just under £4 per month for every £100 pound a monthly unit of benefit. If you restrict the loan protection insurance cover to just one section of the loan protection insurance policy the premium could reduce to as little as £2.50 per £100 of monthly benefit.

So in conclusion follow these steps:

• Shop around
• Try a specialist loan protection insurance provider as well as your lender
• Check levels of protection you may already have
• Check the exclusions carefully
• Check the loan protection insurance cover meets your needs
• Compare premium rates

To read the terms and conditions of this policy now click here.

We have chosen to refer you to a website owned and operated by British Insurance Limited who are specialists in accident, sickness and unemployment insurance.
British Insurance Limited has been recommended in a large number of local and national newspapers and magazines including The Times, The Telegraph, The Guardian, The Mail on Sunday and The Financial Times. In addition, its products have topped Which? ‘best buy’ surveys and it is the exclusively appointed provider of protection insurance to the members of The British Insurance Brokers’ Association (BIBA).
When you click to go to the British Insurance Limited website you will be able to get a no obligation and confidential instant quote, together with all the information you require to apply online for accident, sickness and unemployment insurance.
British Insurance Limited are directly authorised and regulated by the Financial Services Authority under registration number 302674.
Please be aware that responsibility under Financial Services Authority regulations will therefore be assumed directly by British Insurance Limited if you purchase accident, sickness and unemployment insurance from them.