When it comes to getting cheap loan insurance then it takes some searching to secure the cheapest premiums. This can take a lot of time and effort on your part and quotes can be hard to understand when comparing, a far better way to ensure that you get the cheapest premiums is to go with a standalone provider who will be able to find you cheap loan protection in a fraction of the time it takes you.
Loan protection insurance is taken out to ensure that if you were to come out of work due to suffering an accident, sickness or through unforeseen redundancy then you would still receive a monthly income which would be tax free and allow you to continue meeting your loan repayments each month. The cover would start after you have been out of work usually for 30 days or more and would then go on to pay out for up to 12 months (with some providers 24 months) which is more than enough time to get back on your feet again and back to work.
You can usually choose between taking out loan protection insurance to cover against coming out of work due to accident and sickness alone; unemployment only; or for accident, sickness and unemployment together. Premiums will vary greatly and this is where the help of a specialist provider can come in very handy in getting the cheapest loan protection insurance for peace of mind.
Before deciding on taking out cheap loan protection insurance you should always ensure that a policy would be in your best interests. There are many exclusions in a policy and you should always read the small print carefully to ensure you would be able to make a claim. Common exclusions include being self-employed, retired, only in part time employment and having a pre-existing medical condition.
Let a standalone provider get you the cheapest premiums when it comes to loan protection insurance but do make sure you understand what is and is not covered when it comes to safeguarding your loan repayments.