You would think not many people would buy a product that they didn’t understand, yet every year thousands of people who take out a loan with loan protection included, are doing just that. Maybe it’s because they trust the lender and believe that if they are being sold cover then they must need it! However in some cases this has been far from true and individuals have purchased cover which they had no chance of claiming on due to exclusions.

This is because lenders are selling the loan protection alongside their other products such as loans and credit cards, as opposed to only dealing in payment protection, often don’t understand the products themselves! Instead they push cover to make huge profits each year which makes up for the shortfall in the cheap loan rates they offer.

Loan payment protection insurance can and does work extremely well for those individuals whose circumstances permit it. However on the other hand, for those ineligible to claim, such as those who are retied or in part time employment, it is just a waste of money. And, with high street lenders, loan protection can cost as much as a third more than when taken with ethical British Insurance.

British Insurance are specialist providers of payment protection insurance in the UK. They offer low cost premiums each month for policies that would begin providing a tax free income from the 30th day of unemployment or of being out of work after sickness or accident strikes. You would receive a payment each month for 12 months which is based on the amount needed to protect your loan and credit card outgoings up to a certain amount.

With the age based loan protection cover offered by British Insurance the younger you are the more savings you will make, however even those up to the age of 65 can reduce the cost of loan protection by getting their quote with British Insurance. Another huge advantage of going with a specialist is that the will offer clear and concise information so that you are able to check terms and conditions and make sure a policy would be in your best interests.

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