what is single payment insurance

VILLAFANMAN

hi all
What is single payment insurance and is it legal ???

:beer:

dunstonh

What is single payment insurance and is it legal ???

It is where you pay for the insurance in a single premium rather than say monthly. Yes it is legal. For example, most people pay their car insurance on a single premium basis. So, it would be daft to consider single premium unlawful.

However, whether it is always suitable to have it as single premium is a different matter.

VILLAFANMAN

thank you,,,i had the full insurance premium added to my loan and then debited,so i paid up front,,while i was strugerling to run a businees, (self empolyed).
but i was also told i need to take the insurance because my business had only been running a few yrs

kind regards

dunstonh

VILLAFANMAN wrote: »

thank you,,,i had the full insurance premium added to my loan and then debited,so i paid up front,,while i was strugerling to run a businees, (self empolyed).
but i was also told i need to take the insurance because my business had only been running a few yrs

kind regards

Single premium added to loan is not considered a good idea. However, business customers are often told they have to have insurance (especially if you are they key worker). That is allowed. So, it really depends on whether they insisted on it as they wanted it or you were told a porky and they didnt need it but you were lied to.