Payment protection cover has seen many problems over the last few years which have all had a negative effect on the family of payment protection products. One of the many problems associated with policies has been that they are ?pushed? alongside a loan at the time of borrowing. A popular consumer watchdog announced that out of 41 lenders they contacted regarding taking out a loan, 24 of them included payment protection with the quote.

While taking out a payment protection policy in order to cover your loan or credit card payments can work well in the event of being unable to work, you must give a lot of thought to which policy you take out. This means sitting down and reading the key facts that come with the cover and understanding them.

It is important to be aware that there are exclusions included in the protection that can mean you would not be eligible to claim. This means that the 24 quotes that were given to the watchdog that included cover could possibly have been mis-sold ? had the consumer taken it without being aware that the exclusions existed?

Those who only work on a part-time basis, are retired or self-employed, or who have an ongoing medical condition would not benefit from taking out payment protection insurance. These are just some of the exclusions that can be frequently found in a policy.

Those individuals who have loan or credit card payments to make each month who want the peace of mind a policy can bring should visit a specialist website. There are many benefits to going online with an independent provider. The information they provide enables the consumer to make an informed choice regarding suitability before they take on the cover. Getting an immediate quote based on your age and the amount you wish to cover each month is easy and along with this the quote will come with the key facts.

But one of the biggest reasons for going with a specialist is the money you can save on the premiums. Buying cover from an independent specialist can save you up to 80% in comparison to the quotes some high street lenders offer. A quality policy provides peace of mind that you would have a tax-free sum of money if you were to find yourself incapable of working. And there are many reasons why you may be unable to work ? such as if you suffered from an illness, an accident or unemployment due to redundancy.

You do have to be out of work for a defined period of time before the policy kicks in. However, with the majority of ethical providers the cover is backdated to day one. Usually you begin to receive the benefit from between 30 and 90 days of continuously being out of action. Payment protection cover then continues for between 12 to 24 months, depending on the conditions set out by the provider. Having this income each month would allow you to relax and get well without suffering from the stress of having to find the money by some other means so that you could continue meeting your loan or credit card repayments each month.