Loan protection insurance has come under fire recently as a result of Financial Services Authority and Office Of Fair Trading investigations and the subsequent referral to the Competition Commission. Some consumers and financial commentators have denounced it as a poor value product, and it may be in terms of the cost of premiums that some providers, but the actual theory behind loan protection insurance is extremely advantageous and beneficial.
There are certain positives and negatives associated with loan protection insurance that may enable an individual to make up his or her mind as to whether loan cover is needed or not. Neither the positives nor the negatives may be immediately obvious because of the bad press the payment protection insurance industry has received in the past couple of years. However, loan protection insurance should be looked at impartially until an individual knows all of the facts.
In terms of positives, loan protection insurance can provide infinite peace of mind. The last thing you want to worry about if you lose your job is whether or not you will be able to pay off your loan. With loan protection insurance, you do not need to worry at...
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