Many Brits do not realize there is an opportunity for them to receive monthly payments of up to 75 per cent of their normal income, for 12 to 24 months, in the event of involuntary redundancy, illness, or accident, at a very low cost. Only about one third of consumers have payment protection insurance. Loan payment insurance is the specific coverage described. It is one of three basic types of insurance products that make up the payment protection insurance (PPI) industry. The other two are mortgage protection and income payment protection.
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There are several reasons why more people do not have the insurance. There are many more reasons why they should. One reason many do not have the protection is that they mistakenly believe the State will provide for their short-term financial needs in the event of unemployment. This is rarely, if ever, the case. In fact, many people receive no State assistance for nine months following unemployment. Others are unaware of the benefits of the protection or have never thought about their importance. For many, the high premium costs offered by traditional providers, including high street banks and lenders, has kept them away.
The good news is that more and more consumers are becoming aware of loan payment insurance and other PPI products. More consumers are also avoiding potential traps of borrowing from large institutions. Banks and lenders have commonly packaged their protection products with their mortgages, credit cards and loans. Sometimes they suggest to borrowers that the mortgage is necessary to secure the loan. Occasionally, they do not even mention the premium is included with the package. They simply note it in the fine print and add it to the bill.
Insurance brokers have become more popular avenues for loan payment insurance customers. They generally possess a stronger ethical reputation, greater customer service expertise, and more knowledge of the market. Insurance specialists also treat the loan protection as a separate product and give it the same importance as other insurance protections that are important to consumers.
Typically, loan cover basically provides for 100 per cent of monthly debt obligations, plus up to 25 per cent additional funds for other monthly expenses. These coverage variables are based on a maximum total coverage allowed, which relates to the covered person's normal monthly income. As indicated, most loan protections only protect up to 75 per cent of the standard monthly income. Along with providing short-term protection for involuntary redundancy (unique to the payment protection products), illness, and accident, the loan payment protection often comes with a death benefit to support survivors.
Loan payment insurance should be strongly considered by all Brits, especially those on budgets who want to protect their homes and their families. The State does not consider it its obligation to support the short-term financial needs of the unemployed. Consumers need to be responsible and take matters into their own hands. The nice thing is that they can turn to credible insurance broker specialists to gain knowledge of product options and obtain premiums potentially 40 to 80 per cent lower than traditional institutional providers.
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