Loan insurance is integral to consumer needs, suggests report
Vast numbers of consumers regard loan insurance as being an important part of their plan, suggests a recent study.
Accordingly, more than 60% of personal loan borrowers feel that PPI or payment protection insurance is a valuable addition to their loan, due to the security such products offer in the event of serious illness or financial constraint. However, experts advise loan borrowers to be extra vigilant when considering such insurances, as they may not always necessary.
In respect of the PPI sector as a whole, personal loan borrowers are said to form the largest segment of the market, which many experts believe stands as a testament to the relevancy and indeed need for the product, to UK borrowers.
One of the biggest concerns amongst many Brits who commit to large value loans, is the fear as to what would happen if they were to be made redundant or were hindered by some other form of financial uncertainty. It is thought that this reason in particular, is the primary motivator behind the widespread uptake of the product.
