Loan Protection Insurance

Loan protection insurance can prove an indispensable safeguard in these troubled economic times.

Everyone has heard quite enough by now about the effects of the credit crunch on the housing market, the difficulties of raising a mortgage, and a seemingly endless round of price rises. But one of the most important lessons from the current credit crisis is the vital importance of keeping as clean a credit report rating as possible. If you have been fortunate enough to secure credit, then it is more than ever essential to keep up the repayments, maintain a good credit record and thus stand a far better chance of raising further credit on reasonable terms at any time in the future.

If you are in a good, steady job, then the importance of staying on top of any loan repayments is something that is probably already high on your domestic budget. You know just how much needs to be repaid each month and, from your monthly income, that amount can be sensibly put aside to make the payments.

But what if you were to be struck down by a particularly persistent illness or suffered some accidental injury and found yourself unable to work for several months? How much pay would you be likely to lose? Would you receive any sickness pay at all from your employer? And – critically – would you have the resources to maintain those loan repayments? If you do not, of course, then defaulting on the repayments will lead to adverse credit reporting, at least, and even more serious debt problems – including the possibility of county court judgments against you, or even bankruptcy – at worst.

With loan protection insurance, of course, the loan repayments would continue to be made and, therefore, help you avoid precisely these kinds of difficulties. In that case, it really could prove to be an indispensable safeguard.

Why Buy from British Insurance

Their staff are friendly, well trained and based in the UK
British Insurance are a multi-award winner
They are recognised consumer champions and market leaders
They are regularly recommended on the TV and Radio, including ‘Tonight with Trevor McDonald’ and the ‘Money Programme’
They are independent and FSA authorised