Loan protection insurance came under fire in 2005 when the Financial Services Authority began an investigation into the sector following a super complaint made to the Office of Fair Trading by the Citizens Advice. It was revealed that many changes needed to be made to the way the product was sold and although some positive changes have been made a recent review by the Financial Services Authority has revealed that firms are still not making the product easy for the consumer to understand and is still being sold incorrectly.
Loan protection insurance can give you a tax free income each month if you become out of and unable to work due to suffering from an accident, long term sickness or through unemployment such as redundancy. After you had been out of work for a set period of time which can be anywhere between one to three months after the event, the insurance would provide you a tax free income for up to 12 months and with some policies for up to 24 months.
Do note that there can be exclusions which could mean that the product isnt suitable for all circumstances so it is essential that these are pointed out at the time of buying. Some typical reasons include...
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