If You Have Loan Repayments To Make Then Payment Protection Insurance Could Ease Your Stress
If you have monthly loan repayments to keep up with every month and fear that if you came out of work you wouldnt have the money to carry on repaying them, then loan payment protection could ease your stress and bring peace of mind that if you should come out of work due to accident, sickness and unemployment you wouldnt have to struggle.
Loan payment protection can give peace of mind by providing you with a fixed monthly income each month which would be tax free and begin to pay out after you have been out of work, usually for 30 days or more and continue to pay out for up to 12 months, and with some providers for up to 24 months.
The majority of times when you take out a loan the provider will try and push the cover onto you alongside your borrowing but this is the dearest way of taking out the protection and which led to many policies being mis-sold. An investigation by the Financial Services Authority after a super complaint by the Citizens Advice to the Office of Fair Trading found that mis-selling of payment protection insurance was widespread. With many...
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