Payment Protection Insurance. News from the Post Office. Page 2

Author: Dot Piper

Lifestyle Protection is underwritten by Axa. The British Insurance

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Brokers' Association have shown some concern in that it appears that, under its terms and conditions, the policy can be withdrawn giving only 30 days notice. This could leave consumers unprotected with very little ( term assurance ) warning. (Most policies offer a minimum of 180 days). BIBA would have preferred that Axa and the Post Office had used a (now extensively available) five year non-cancellation clause.

As far as costs are concerned, to insure a £10,000 loan over 5 years, using one of the five major banks would cost £3,219.72. Cost per £100 of cover is £26.28.

With the Post Office, the costs would be £533.15 for the figure to insure over five years. Cost per £100 of cover is £4.50.

The Post Office figures look good. As always, read the small print, check before you buy and make sure that the cover matches your needs.

An even better option is to purchase your cover via the internet. ( life insurance policies ) An internet broker will seek out the best policy for you from the many options on offer and the average cost of the insurance over five years would be £491.60. This means a charge of only £4 per £100 of cover. Brokers are up to date on the very latest offers, so why not let them do your work for you and save you money too!