UK Payment Protection Insurance - Review

Most lenders usually offer insurance schemes to cover UK loan repayments in the event of ill health, unemployment etc. The terms of cover vary a great deal so ALWAYS check the small print. Try to think of some eventualities that may occur and ask the lender whether theses would be covered under their loan protection insurance. Always keep a note of the date you called and who it was that you spoke to, in case they deny what you were told, which seems to happen more and more frequently nowadays.

AND...make sure you are not already covered for certain things through another insurance policy.

You get lower interest rates with some lenders if you take out loan protection insurance with them. But, added on to the repayments, it is highly unlikely that your overall regular repayments will be cheaper than not taking it out at all.

Always look around elsewhere for insurance as it is usually cheaper if it's not "bundled" in with the loan.

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