A Quick Overview of UK Loan Protection Insurance.
Loan protection insurance in the UK has been around for many years, but it was not as popular as it is today. This could be for many reasons, but only one of them is really important. A higher percentage of people are in debt today than the number associated with the past. The consumer culture in which we all live encourages people to spend, and the availability of credit has simply contributed to it. The combination of these two characteristics of the company has led to an exponential increase in the demand for loan protection insurance in the UK.
While the existence of UK loan protection insurance is great for consumers in many ways, it’s not that necessary. People should choose UK loan protection insurance because they want peace of mind, not because they are so afraid of finding themselves in serious financial difficulty if their source of income is cut off.
Loan protection insurance in the UK protects a person’s loan repayments if they fall ill, have an accident, are unable to work or lose a job that would have allowed them to pay off the debt in the first place. It is also designed to pay up to twelve to twenty-four months after the initial qualification period has passed. This is an absolute must for people who are in debt, especially those who are already struggling to pay off debt while working full time!
The premiums associated with loan protection insurance in the UK vary depending on the level of the loan, the interest rate of the product you have purchased and your personal circumstances. Some financial institutions require monthly payments, others annual payments, and then there are those that add the full UK loan protection insurance premiums to the loan itself. These are all factors and elements that you need to weigh before purchasing insurance. If that sounds a bit confusing, wait until you’ve read the terms and conditions; make sure you fully understand them before signing Ted’s line.
Have You Got The Cheapest Uk Mortgage Protection Insurance Available?
If you are considering taking out a UK Mortgage Protection insurance policy along with your mortgage, remember that you do not have to buy it when you take out your mortgage. If you want the cheapest mortgage protection insurance in the UK then it is essential that you shop around and buy independently. Most of the time, taking it out along with the mortgage means you’ll be paying much more for insurance coverage than you need.
A UK Mortgage Protection Insurance specialist knows their product and can therefore ensure that your policy is not undersold by providing adequate cover for your specific needs. It has recently come to light that some policyholders have missold their policy and many have policies they do not expect to claim.
However, it’s important to remember that the main culprits behind fraudulent sales are banks and lenders: the FSA fined several well-known names earlier this year for sloppy sales practices. Independent service providers can give you better advice when it comes to the product, as well as help you save big on priced premiums.
UK Mortgage Protection Insurance is taken out by those who have a mortgage and want to ensure they are guaranteed to pay their monthly mortgage payments should the worst happen to them and they are unable to work due to illness, accident or redundancy. Most UK mortgage protection insurance policies will pay out for up to 12-24 months and provide you with a predetermined income each month to ensure you can at least pay your mortgage.
With the number of foreclosures on the rise, UK Mortgage Payment Protection Insurance should be something you consider as it could mean the difference between keeping the roof over your head or becoming just another statistic. So before you commit to a policy, ask yourself if you have the cheapest mortgage protection insurance available in the UK.