Many Brits fail to take advantage one of the best deals in the insurance industry. Independent insurance brokers offer loan protection cover as part of their portfolio of payment protection insurance (PPI) products. Loan cover is a great short-term protection against involuntary redundancy, illness, or accident. Some plans even provide payments to survivors upon deaths. Several providers even offer the same premium rates for people of all ages. This is definitely a significant advantage compared with other types of traditional health insurance.
Although, loan protection cover offers great benefits when purchased from an insurance broker specialist, many fail to uncover the great low cost options independent providers have. Some consumers are unable to look at broker benefits because they are already stuck in coverage with other providers. Others simply do not understand the benefits of the insurance or how to get it less expensively.
Typically, loan protection cover can offer monthly payments up to 65 per cent of the normal monthly income for the covered individual. This is much higher than other PPI products. It is designed to help the insured meet monthly debt demands as well as some basic monthly expenses. There are limits on total cover amounts, but the products can mean the difference between keeping and losing a home for someone forced into unemployment. Involuntary redundancy benefits are a huge advantage of PPI products, as opposed to longer-term income protection.
Premium costs from independent brokers are usually about 40 to 80 per cent lower than high street banks and lenders traditionally offer. The institutional sellers often package their plans with other loan products, like mortgages or credit cards, in order to expand their customers' protection portfolios. This is considered deceptive and even unethical by some consumer groups. Customers can also save money through some specialists by getting joint accounts. Many brokers also offer the advantage of secured online quotes and enrolment processing. These are both great conveniences to consumers.
Brokers are also knowledgeable about the protection plans they offer. Some larger sellers are too busy with the multitude of financial products and services they manage to treat each product and each individual as a unique situation. Brokers, on the other hand, are very customer-focused, and specialized brokers typically offer services and support not available from larger sellers. It is important that prospects protect their own self interests when looking to a provider.
Brits cannot rely on the State for unemployment support. The State has reduced assistance to the point that very few people qualify for any assistance, and those that do must usually wait nine months or so before receiving payout. Payment protection products usually begin payments 30 to 60 days after the date of enrolment. Loan protection cover is paid monthly over the course of 12 to 24 months with most plans. It affords covered people the opportunity to focus on their health and self-care instead of stressing over financial concerns or insurance hassles. This is the peace of mind that insurance is intended to provide.
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