Personal loan payment protection insurance
 

The above quotation link will enable you to get an instant, online quotation for an insurance policy designed to provide an income to help meet your monthly bills or, your mortgage, loan or credit card repayments, when you are unable to work through accident, sickness or unemployment.

The UK is experiencing an increasing dependency on personal loans, credit card and bank loans, and with interest rates as they are at present there is no sign of this changing for the foreseeable future.

One major high street mortgage lender conducted a research programme to find out the percentage of mortgage borrowers that took out personal loans following completion of their new mortgage, and the results prompted them to invent a new type of mortgage that included an unsecured personal loan as part of the arrangement.

It became known as the "125% mortgage" because the borrower could borrow up to 125% of the mortgaged property, with a maximum of 30% (or £30,000 - whichever was the smallest) as an unsecured personal bank loan. This type of mortgage is no longer available, however, there must be thousands of homeowners in the UK that now have large unsecured personal bank loans as a result.

These unsecured personal loans were being taken out, especially by first time buyers, to help fund the initial deposit, furnish the new home, help with fees or even pay off existing personal loans and credit card debts on which they were paying a higher rate of interest.

Although it would have been prudent to take out personal loan insurance policy at the time, to protect themselves from being unable to work through accident, sickness or unemployment, nobody knows for sure how many did.

Personal loan insurance policies to cover against unemployment does not have to be expensive, especially if you are prepared to shop around. The Financial Services Authority is currently working on trying to get firms who sell payment protection insurance (PPI) to "treat customers fairly". This was instigated after discovering that many personal loan insurance policies were being sold automatically, as part of the loan sales process, and without checking eligibility or affordability.

The quotation facility above will take you to an online, instant, age related, personal loan insurance quotation system where you can get a quote and apply online for personal loan insurance to protect against accident, sickness and unemployment.