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Sadly many consumers do not realise they have options when it comes to protecting the monthly repayments on a loan. Those who are misguided into taking out cover at the same time as borrowing could find they are paying way over the odds for the premiums. This is because loan payment insurance is often costly when buying this way from a high street provider.

The fact is that you can choose to buy loan payment insurance from a standalone provider. Getting quotes from a specialist could save you up to 80% on the premiums. And it is not only the cost of the insurance that differs, depending on where you take out your policy, it is also the information given regarding the cover too.

Poor selling techniques and lack of information regarding the exclusions led to many buying a policy that was not suitable for their circumstances. Protection insurance was sold to those who only worked part time, were retired, self-employed or who suffered a pre-existing medical condition. These are all listed in the exclusions of the majority of loan payment insurance policies along with specific ones from providers. It is these that you have to check against your circumstances to ensure you would be able to benefit.