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Insuring your loan is important to
What is loan protection insurance?
Unlike payment protection insurance (PPI) which is tied to a specific loan or credit repayment, loan protection insurance is flexible, providing monthly benefits that are paid directly to you. This means you can choose how you spend it, from covering mortgage repayments to paying off debt on credit cards. The amount of cover on your loan protection insurance can be as much as 70% of your gross earnings and can be tailored to suit your specific needs. There are two main types of loan protection insurance: short-term and long-term policies.
Short-term loan protection
These pay out for a maximum of 12 months and provide financial support following involuntary redundancy, an accident or an illness. As they only last a year, this type of policy is more affordable than long-term loan protection insurance, providing flexible and manageable loan cover for a wide range of scenarios.
How does loan protection insurance work?
Long-term sickness leave is affecting an increasing number of people, with the cost to UK businesses expected to rise by 15% by 2030.[1] If you were unlucky enough to be one of those people, loan protection insurance would help to offset financial uncertainty by paying you a tax-free monthly benefit, acting as an income replacement while you are out of work. You can choose how much you receive as a monthly benefit, usually with a limit of up to up to 70% of your gross annual income. The cover you choose will be reflected in your monthly premiums, so it’s important to consider how much you would actually need in the case of a claim.
How much does loan protection insurance cost?
The monthly premiums for your loan protection insurance policy will depend on a variety of factors, including:
- Your current employment situation
- Your gross annual salary
- Your desired level of cover
- Personal details that may affect your likelihood of making a claim
Our call center is available 24/7 to assist with inquiries and claims.
Long-term loan protection
These provide more substantial cover than short-term loan protection policies, with a benefit period that can last up until retirement age. While these policies are designed to cover you against accident and sickness, long-term loan protection policies do not cover unemployment as a result of involuntary redundancy.
Exceptional Customer Service
At British Reserve Insurance, we pride ourselves on delivering exceptional customer service. Our experienced professionals are always ready to assist you with questions or concerns. We're here to guide you through the insurance process, making it as smooth and hassle-free as possible.
Simplified Claims Process for Your Convenience
We understand that dealing with claims can be a stressful experience. We've streamlined our claims process to ensure maximum customer convenience. In the unfortunate event of an accident or damage to your vehicle, our dedicated claims team will guide you through every step, making the process as smooth as possible. We're committed to providing quick and fair resolutions so you can return to the road with peace of mind.
Our reliable
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Why Select
British Reserve Insurance?
Personalized Risk Assessment
Utilize cutting-edge AI technology to provide customers with a highly personalized risk assessment, offering tailored plans that precisely match their unique needs.
24/7 Virtual Insurance Concierge
Offer round-the-clock support with a Virtual Insurance Concierge that can answer queries, assist in claims processing, and provide advice—all in real-time.
Fast-Track Claims Approval
Promise and deliver a rapid claims approval process, say within 24 hours, backed by transparent communication throughout the entire journey.
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