Loan protection has been called many names including a rip-off. The negative slurs stemmed from an investigation by the Financial Services Authority in 2006 when it was found there was wide spread mis-selling of payment protection insurance (PPI) products. Many consumers were not being told how much the cover would cost in total, werent given any information about the exclusions which are in all policies and were being charged high premiums for inadequate cover or cover they couldnt claim against.
When bought incorrectly, the cover can indeed be nothing more than an expensive waste of money particularly if it is taken out alongside the loan with the lender at the time of securing the loan. However, going with an independent specialist can save you hundreds of pounds.
Loan payment protection can when taken out with your circumstances in mind begin to give you an income which is tax free from between the 31st day and the 90th that you are out of work if you have suffered from an accident, an illness or if you have been made unemployed. It would then continue to give you security for between 12 and 24 months depending on the policy. The terms and conditions are...
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