Loan Protection Insurance – A Necessity Or A Rip-off?

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If you have heard some of the recent reports regarding loan protection insurance industry then you could be left asking yourself is loan protection insurance a necessity or is it nothing but a big rip-off?

There have been widespread investigations into the payment protection sector with complaints of mis-selling of the cover and price inflated premiums. While this is true, it is some of the major companies selling the product that are at fault not the actual policies themselves. The biggest problem is with the high street lenders and banks. While they might be fully trained to offer loans and credit cards and can you a great deal on these, when it comes to selling the protection for them, in a lot of cases, they tend to tell you very little and coerce you in to buying their cover without fully explaining it. For this reason – and for greed – many consumers have found they werent able to claim on a policy due to the hidden exclusions within the policy.

Loan protection can be considered a necessity if you consider the fact of how you would continue to make your monthly loan repayments if you should come out of work due to an accident, unemployment or...

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