When it comes to getting cheap UK loan protection insurance then you simply have to know the best option when it comes to purchasing the cover. The cheapest premiums can generally be found by shopping around and buying your cover from a specialist provider. However when it comes to loan protection insurance the majority of people mistakenly believe that it has to be taken out alongside a loan from the company who are providing you with the loan, which is usually a high street bank or lender. By taking the cover the high street lender offers, the chances are that you will be paying well over the odds for the premium, as the media often highlights.
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The premiums that you are asked to pay for the insurance vary considerably when comparing the high street lender to a standalone provider and it could mean the difference you pay could work out to literally thousands of pounds over the term of your loan. Another fault that recent investigations by the Financial Services Authority and the Office of Fair Trading have highlighted when it comes to buying from the high street lender as opposed to a specialist provider is the quality of the product. Policies differ and if you want the peace of mind that a quality product brings then the standalone provider is probably the only way to go.
The UK loan protection insurance sector has come under the spotlight recently due to the fact that policies have been found to have been mis-sold, which has left many policyholders not being able to claim. However, when bought correctly, the product can be an invaluable safety net. A good cheap UK loan protection insurance policy will cover your monthly repayments on borrowing such as a loan or credit card if you should find that you are unable to work through an accident, sickness or unemployment.
The policy will pay out for a period of time - which is usually around 12-24 months - after you have been out of work for a specified amount of time. Getting cheap UK loan protection insurance isn't hard to find if you do a little homework and go with an independent provider. Only then can you get the cheapest premium while getting a quality product along with excellent advice.
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