Loan protection has been in the news a lot recently as a result of consumer accusations that the providers of loan protection are simply ripping off consumers to profit rather than assessing what is in their best interests. This may sound like a wild claim until you are presented with the evidence.
The finance industry regulator the Financial Services Authority has in fact found that in some cases loan protection policies were being sold to individuals who could never benefit from them because they would not be eligible to claim should they find themselves out of work as a result of sickness or unemployment.
There are a variety of reasons why someone would be unable to benefit from or to claim on loan protection, and all of them are contained within the small print, or the terms and conditions. It is therefore important that a consumer reads this information before taking the loan protection out.
Although every individual policy will have its own set of exclusions, and they largely depend on the company, there are some generic ones that all loan protection policies have. The first is that you have to be between 18 and 64 to claim on the majority of them....
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