The headline is correct. Even though guidelines have been set out by the Financial Services Authority (FSA) since it began investigating the sector in 2005, the mis-selling of payment protection insurance (PPI) is still occurring as over 4,000 cases have been investigated in 2007. The worst however is the fact that this figure is double that of the year before which of course does nothing to restore the lost faith in the products. This is saddening, as loan protection, sold correctly, can be a very valuable product.
Many forget the real problem behind the mis-selling and blame such as loan protection for not doing the job it is designed to do. However it is those who sell the cover without the proper training who are at fault, not the cover. When bought correctly from an independent specialist provider it can work. Having access to the key facts is the key behind a policy that works, exclusions are what stop consumers from being able to claim and common ones include being retired, suffering a pre-existing illness or working part time. Of course there can be others and you can only know about them if you read the small print of a policy.
Loan protection can give you an income if you were to come out of work due to suffering from an accident, were to be sick and not able to work or if you were to be made unemployed by such as redundancy. The majority of policies begin to payout from between the 31st day and the 90th day of being out of work continually. Cover would then continue to give you a tax free income for between 12 and 24 months depending on the provider. Again, read the key facts to determine the policy terms and conditions.
Loan protection will give you the money needed to be able to continue meeting your loan repayments each month without the worry of where to get the money. It will also keep you from getting into debt if you fall behind on your repayments or even worse. Although many problems do exist within the sector if you go to a standalone specialist provider for the cover then you can be sure of getting a quality product which is backed by experience in selling the cover and honest advice. Not only can you be sure of getting the essential advice needed to be able to make an informed decision regarding the exclusions but you will also get a policy for the cheapest premiums possible.
If you want the peace of mind that loan protection can bring you have to read the small print of any policy you are considering taking out and never be tempted to take the cover that is offered at the time of taking out the loan. When taking out the loan always make sure that the cover has not been included into the cost of the loan as some will add it on without the consumer really being aware.
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