Loan payment insurance
What does loan payment insurance do?
Loan payment insurance will pay your monthly personal loan or finance payments for up to 12 months, if you are unable to work due to an accident, sickness or unemployment.
- ultra competitive prices
- comprehensive loan payment insurance cover with limited exclusions
- nil excess period – claims payments are backdated to the first day of your claim
- 12 months tax free claims payments
Loan payment insurance is commonly sold by finance companies alongside their personal loans, HP and credit agreements. They make a lot of money out of these loan insurance policies as large commissions are included within the price you pay.
Apart from the inflated insurance premiums there is another aspect to loan payment insurance policies sold by the banks that makes it even more expensive. They will normally add all of the loan insurance premiums to the loan you apply for. So effectively you are borrowing the loan payment insurance premiums and paying interest on them. Hardly fair.
But there is another option.
You do not have to buy loan payment insurance from the bank or finance company. You can buy loan payment insurance independently so you get a better deal. We offer a loan payment insurance policy that is independent of the finance, so you stay in control. The monthly cost is much less and the policy provides accident, sickness and unemployment cover for up to 12 months. You pay the premiums monthly by direct debit.
The loan payment insurance we offer is provided by British
Insurance Limited, a leader in the field of loan, income and
mortgage protection policies. British Insurance Limited has been
recommended in a large number of local and national newspapers
and magazines including The Times, The Telegraph, The Guardian,
The Mail on Sunday and The Financial Times. In addition, its
products have topped Which? ‘best buy’ surveys and it is the
exclusively appointed provider of protection insurance to the
members of The British Insurance Brokers’ Association (BIBA).
When you click to go to the British Insurance Limited website
you will be able to get a no obligation and confidential instant
quote for personal loan insurance, together with all the
information you require to securely apply online for personal
loan protection insurance.
British Insurance Limited are directly authorised and regulated
by the Financial Services Authority under registration number
302674. Please be aware that responsibility under Financial
Services Authority regulations will therefore be assumed
directly by British Insurance Limited if you purchase loan
protection insurance from them.
