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Loan Protection Insurance Quote

Getting a loan in the UK almost always means getting some sort of payment protection or loan protection insurance. The premise of this type of cover is that should something occur in your life in which you are not able to make your monthly loan payments, your payments will be covered for a specified amount of time. This sounds like an excellent idea but there are flaws in the system. Among the worst of the flaws is the fact that more people do not qualify for this type of cover than those who do. The other reason the system is flawed is because the lenders do not seem to care whether the person they are selling loan insurance to, are even eligible. Finally, this system is flawed because many lenders actually use scare tactics and instil fear in people that they will not be approved without the loan insurance. At this time they give you a loan protection insurance quote. Of course this quote may not reflect all of the fees and hidden charges and it certainly will not reflect the fact that you might not even be able to claim on this type of insurance.

The Ethics of Selling Loan Insurance

As with any other type of insurance, this type of cover should be one that is optional and can be requested or refused by anyone, with no fear of repercussions. People should be able to inquire about a loan protection insurance quote if they are interested. However, people should never be sold this type of cover unbeknownst to them. This is unethical and truly should be illegal. In addition, many times the way loan protection, also known as PPI, works is that it is automatically added to the contract and there is an opt out check box. It seems it would be more prudent for lenders to have an opt in check box in stead. This would eliminate the possibility of someone accidentally missing the box and getting stuck with insurance.

Why Was There No Loan Protection Insurance Quote Given?

Many people are baffled when they find out that they have been paying for PPI when there was never even a loan protection insurance quote given. This generally means that the lender added the cover to the loan or that the opt out check box was missed, which could be just what the lender was hoping for. It would be ideal if people were able to go and get their own loan protection insurance quote just as they do with auto insurance in order to compare rates but unfortunately this is not typically how it works. This brings us to the real reason behind most of these flaws and that is that mis selling PPI is a very biog money making racket for lenders. They are raking in the money on the citizens of the UK and as of now not much has been done to stop them.

If you have questions about a PPI cover that you have recently found on one or more of your loans or if you want to try and file a PPI claim back on insurance in which you were sold without the presence of a loan protection insurance quote. Then contact Belmont Thornton today and schedule a free consultation.


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