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Consider Loan Payment Protection For Peace of Mind of a Income

Jul 30, 2008
If you want to protect against the unknown especially with your finances then you need to give thought to loan payment protection. This would allow you to protect any commitments you have for loan and credit card repayments each month. A policy is taken out to insure that you would be able to carry on paying and so not get behind and into debt if you suffered from an accident, illness or if you should become unemployed by such as being made redundant. The cost of the policy will take into account how much you want to insure, up to a certain amount and your age. This means the younger you are the bigger savings you are able to make.

If you were to get into debt then this would affect your credit file at the very least. A bad mark would lead to you having problems in obtaining credit in the future and even if lenders were willing to take a risk they could slap high rates of interest onto the loan. In the worst cases where you owe a great deal of money and cannot repay you could find yourself having to give up your belongings through an order by the judge and bailiffs will take them to recover what you owe. Loan payment protection could put a stop to all of this and this would allow you to recover or find work again without having to worry or juggle what little money you had each month.

Loan protection is often pushed with the loan or credit card and in some cases it can even be added onto the loan when you take it out without you even realising what you are taking on. In cases such as this not only is it very expensive but also cover can be sold to those who cannot hope to claim against it. This was brought to light in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice. Cover had been sold to those who were retired or not working full time and this meant they could not make a claim.

When looking for your policy the best place to find cheap quality protection is with a standalone provider. You could save as much as 80% on the policy and be provided with all the information needed for you to ensure suitability. You do have to check the terms and conditions of the cover as policies payout for different lengths of time and start at different times. For example some providers would pay from day 30 while others might ask that you wait for up to 90 days before putting in a claim. Policies can then last for between a period of 12 months and 24 months again depending on the provider in question. If you want peace of mind that you would be able to keep on top of your loan repayments then you should give some thought to taking out loan payment protection for the tax-free income that it can provide.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of loan payment protection.
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