Q: My wife’s bank wants to consolidate her loan and mine to save us money. I think it would be about £10,000. It’s about £190.00 per month over five years or £230.00 over four years. My wife had cancelled her payment protection insurance and I am paying £50.00 pm on my loan. It is £218.00 pm. I would like to cancel it, if I can get one a lot cheaper and maybe not have the other loan.
A: The policy that we provide is an income payment protection policy, it allows you to cover £1500 or 50% of your gross monthly income whichever is the lower amount. The minimum is £100. At the point of claim the money goes to you to use as you wish, loans, mortgage, utility bills etc.
There is a quick quote facility online at www.britishinsurance.com, full policy wording is also available online.
If we can be of further assistance please do not hesitate to contact us again either by email or on 08450 175 178.