Consumers' faith in loan protection has taken a hit recently, but it's still a good idea to think about getting it, and you can find cheap loan protection insurance if you know where to look. By far, the best way to get coverage is to go with a separate provider. Only then can you be sure that you'll get the cheapest quote for the loan protection premium.
Loan protection is usually offered alongside a loan or credit card by the high street lender, but purchasing the cover this way without first investigating your other options, is a sure way to get ripped off when it comes to paying the premium.
Even though no one wants to think about the worst, it can happen, and if you lose your job because of an accident, long-term illness, or being laid off, you might not be able to pay back your monthly loans. At this point, a policy will kick in. Most of the time, you have to be out of work for a certain number of days, but after that, the cover will make sure you have enough money to pay your loan obligations.
Consumers do have the right to shop around for the best deal, but many high street lenders will try to convince you that the cover has to be taken out along with the loan or credit card. Don't fall for tricks like these. You can get cheap loan protection insurance from a specialist provider, and you don't have to get it from the same lender as the loan. You are free to go shopping and can go on your own.
In the news, high street lenders are often criticised for charging too much for loan protection insurance premiums and giving out policies that aren't as good as those sold by a specialist provider. Not only can a specialist help you find the cheapest loan protection insurance premium, but they can also give you a high-quality product that gives you the peace of mind you need in case the worst happens.
Faith in the product does need to be restored, and a specialist provider can help with that. Along with lower premiums and better products, a specialist provider can and will give you the best advice about a policy that fits your needs.
