Lloyds TSB Personal Loan Payment Protection Insurance
 

From January 2009 Lloyds TSB will be offering their loan customer  loan payment protection insurance that is paid monthly instead of annually.

On their website they say "....from January we’ll be the first high street bank to launch a regular monthly premium, payment protection insurance product for our personal loan customers."

Annual premium loan payment protection insurance has come under extreme and almost universal criticism by others in the financial services industry, and maybe now the other Major High Street lending institutions will follow their lead.

Regular monthly premium insurance offers consumers more flexibility than the historic annual, single premium product by allowing them to pay for cover on a monthly basis. The new-style policy has been designed and developed over the last six months, following an extensive customer research programme. The research found that, more than ever, consumers value the comprehensive cover provided by loan payment protection insurance, but want banks to make it easier for them to control and manage their money.