Why buy loan insurance?

Why should you buy loan insurance?

If you apply for a personal loan, hire purchase or finance agreement you are more than likely to be offered insurance to cover the loan repayments. This loan insurance will cover you against accident, sickness and unemployment but may also include death or critical illness.

The loan insurance policies offered by finance and loan companies are very expensive as you are a captive market. Very few people who apply for a loan will bother to see if the insurance cover is available at a cheaper price elsewhere. The loan company want you to have the cover as the earn a nice commission for each loan policy sold.

Buying loan insurance does make sense. You are protecting the personal loan payments in case you are unable to work. However, it makes even more sense to spend some time researching loan insurance to see what independent policies are available. Invariably, these will be much cheaper than the policies offered with the loan or finance package.

We offer loan insurance from British Insurance Limited who provide good quality insurance cover at reasonable prices. For more information please visit our loan insurance page http://www.enhancedwealth.co.uk/loaninsurance.htm

Protect your personal loan with loans insurance

We all need to borrow money from time to time. Many of us will use credit cards for a simple and quick way of borrowing money over short periods. However, credit cards are very expensive if you keep balances long term. A cheaper option would be to take out a personal loan and spread the cost with a fixed interest rate.

It is very easy now to search on the internet for the cheapest personal loan to suit our needs. But do you take the same care over personal loans insurance. Loan protection insurance is offered by the loan provider and they get a nice juicy commission if you take out one of these plans. The policies are rarely good value for money as they know most people do not shop around for loan protection insurance.

By spending just a short amount of time you can save considerable amounts of money by searching for cheaper loans insurance.

Loan payment insurance, or loans insurance, protects the personal loans repayments in the event of accident, sickness and unemployment. Benefits payments normally last for a maximum of 12 months.

It is possible to save around 50% on the cost of personal loans insurance by taking out a loan protection insurance plan which is independent of the loan. Personal loan companies cannot make you take out their loan policy so you would be wise to look for a cheaper alternative.

Many personal loan insurance policies have the premiums added to the amount you borrow, increasing the overall cost and interest is charged on this extra amount. The loans insurance we offer has monthly premiums, payable by direct debit so you know exactly how much it costs.

Take a moment to review our policy to see what good value it is. Full details are available online where you can quote and buy securely online. http://www.enhancedwealth.co.uk/asu/loanprotect/index.htm