Loan Protection Insurance Will Become More Transparent

Loan protection insurance has seen many problems, which has led the Financial Services Authority to set out recommendations to improve communication and selling in the sector. Some changes have already been put in place as a result of the recommendations and more are in the pipeline, with the forthcoming introduction of comparison tables in March this year.

It is thought that with the introduction of the tables protection policies will become more transparent, and so consumers will be less confused and less likely to buy an unsuitable policy. Currently consumers often misunderstand payment protection products and don’t know exactly what their policy will deliver. For example, many do not realise there are exclusions in a policy that can stop them from being eligible to claim. However, the tables will highlight the exclusions, make the consumer aware of how much the cover will cost and, through question and answers, allow them to choose a suitable policy.

For now the best way to take out cover is to go to an independent specialist for your quote. A specialist will offer a quality policy along with information regarding the exclusions and other vital facts about the policy you are considering taking out. It is vital that the exclusions are taken into account and read with great care. General exclusions include suffering from an ongoing illness, being of retirement age or only working in a part-time position. However, sometimes the exclusions may not apply – for instance, providing you have not suffered from the illness within the past two years then you could still benefit from taking out cover. The provider may include other exclusions so you have to check the terms and conditions of each individual quote.

The quotes an independent provider can give could save you up to 80% on the cost of a policy in comparison to the high street lenders. The cover taken out will also be a quality product that is backed up by experience in selling payment protection. Generally loan cover will start to provide a tax-free income from one to three months of being unable to work. You have to continually be unable to attend work with no break in between. Once you have started to receive the benefit it would carry on, providing you with peace of mind for between 12 to 24 months, depending on the policy terms. In the majority of cases this is enough time to recover from your illness or accident or to find work.

Loan protection insurance has received a bad name since the Office of Fair Trading revealed that policies had been mis-sold. Faith in all payment protection products was lost and there was a decline in policies sold. However, without a back-up plan to fall back on if you should lose your income, added stress can delay your recovery and make the job hunt more pressured, and you may end up with a bad credit rating that affects your future financial options. Loan protection can work well, providing the policy suits your circumstances. It is important to realise that the product is not faulty; it is those lenders selling policies despite having little or no experience in the sector that create problems.



About The Author

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

Dummy Security Cameras Could Void Your Home Or Business Insurance

Often the expense of a surveillance system can put many people off of purchasing and leave their property or premises vulnerable to theft or attack. It is common known that if any would be criminal sees a property with security or a property without they are more likely to go for the easy target. With this in mind even if you do not have the money to finance a complete system it is possible to buy dummy security cameras, these make for a brilliant alternative and are a must have for many people. The systems look just like their real counterparts and act as the perfect deterrent for any would be nuisance caller or would be burglar. Most people would not recognize a live system from a bogus one and this is the beauty of them. The majority of the systems look and feel just like the real thing, they have identical external casings with wiring, cables and markings which you would expect to find.

Since many of the dummy security cameras have become ever more sophisticated just like the real ones and now can be bought with a host of features. Motion sensors can be found on them and they act just like the real ones and would fool most people, other features include lights that flash or blink to give the impression that they are recording or live. Many are branded with stickers and other factual information to further deter the intruder. Some locations or buildings would not make suitable places to have these camera systems and it is important that careful consideration is taken before considering fake cameras.

In many offices or business premises real cameras are a necessity with health and safety grounds and also the protection of the goods. Fake systems will not provide the owner with any information should a building be broken into or damaged, and will only act as a deterrent.

The main reason and probably the only reason that anyone would purchase a dummy system is on cost. The majority of businesses that are most likely to use security cameras will have stock or equipment that needs to be protected and the dummy security cameras will do the job unless a break in occurs. Many businesses will not be insured and the goods would not be insured if the security systems are not live and providing active real protection. For the everyday homeowner then dummy security cameras could be enough to prevent a potential burglar, it would be highly unlikely that if you did get burgled any contents and your home insurance payouts would be prevented because you have security cameras. Be careful to check your insurance policies carefully and do not declare that you have a real live active security camera system in place when you in fact do not. You would be likely to pay reduced insurance premiums, but run the risk that if you do need to make a claim that your insurance would be invalidated due to inaccurate information.



About The Author

Steve Strong's is an employee with Sun Security which is an innovative and growth oriented company who uses a fresh and new approach to meet the security needs of millions of consumers throughout North America. Visit us at: http://www.sunsecurity.com


by: Steve Strong