Loan Insurance Guide
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Payment protection insurance
Most lenders offer loan insurance schemes to help you out in the event of ill health, unemployment etc. The terms of cover will vary greatly so check the small print.
Think of some eventualities that may happen to you and ask the lender whether their insurance would cover you.
Make a note of the date you called and who you spoke to (just in case they deny what you were told, which sadly seems an increasingly common practice).
Make sure you're not already covered for this through another insurance policy.
Some lenders will give you lower rates if you take out this type of insurance with them. But, added to the repayments, it's highly unlikely it'll be cheaper than not taking it out at all.
Shop around for loan insurance as you're bound to find something cheaper if it's not "bundled" with the loan.
On the whole these policies are seen as a waste
of money. Usually the small print makes them irrelevant
when you come to claim. "Heart attack? No Sir that's not
one of the serious illnesses on our list. Didn't you read
the terms? Oh the print was too small? Sorry..."
However we have found a good loan insurance broker. British
Insurance won the BEST INSURANCE BROKER Broker Award 2006
for their quality of product and service.
Want a Loan Insurance Quote?
In our view British Insurance are the best place to get
a quote for your loan insurance needs. The quote will be
free and there will be no obligation to proceed. We do not
pass your details on to anyone else and abide by the Data
Protection Act
| "British Insurance products are clear, easy to
understand and cost-effective. I recently took out mortgage
payment protection with them and saved myself nearly
£20 a month." Helen Loveless, Mail
on Sunday. |
| “very good policies that provide excellent value.”
Lorna Bourke, Sunday Telegraph |
Data Protection Act.
By submitting this application you agree that our partners
and any lenders to whom our partners may submit your application
for a loan may make or obtain enquiries, searches and references
about you from any person including any credit reference
agency (which will keep a record of any search made) at
any time prior to the making of the loan or whilst monies
are owing under it.
You also agree that any lender may keep information about
you, and your conduct of the loan on its computers and that
such information ( whether held electronically or manually
may be disclosed to, recorded and used by:
- Other persons as may be necessary for the purposes of
administering your loan/or the Lender's business generally
and/or any proposed assignee, transferee or chargee of
its interest in the loan ( including their insurers and
advisers) and
- Any licenced credit reference agency for use by other
lenders in assessing applications for credit by you and
members of your household, and occasionally for fraud
prevention, tracing debtors and/or debt collection. The
information may also be used for statistical and or marketing
purposes unless you notify our partners in writing to
the contrary.
SECURITY OVER PROPERTY REQUIRED.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON
A MORTGAGE OR OTHER LOAN SECURED ON IT
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