PPI INSURANCE - PAYMENT PROTECTION INSURANCE
Payment protection insurance can give you peace of mind, by protecting you against financial loss in the event of an accident, injury or redundancy which could put you in a difficult situation. Whether you are looking to cover your mortgage payments, your loan payments or even your income, there are now plenty of excellent PPI insurance providers to help you. You can protect yourself against the unexpected with the right insurance policy. Use the chart below to compare the main advantages and disadvantages of each PPI insurance provider and to weigh up the differences in what is offered. Think about how much cover you need; PPI insurance providers vary in the terms and policies they offer. To keep premiums down make sure you are only covered for what you need and not for anything that you do not. As with any type of insurance, you should take your time and find out the terms and conditions under which you can claim.
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Payment Protection Insurance (PPI) covers your loan or debt repayments in the event of certain situations. Make sure you know that facts.
What is Payment Protection Insurance?
Payment protection insurance is a type of insurance designed to cover you if you lose your income due, to an accident, illness or being made redundant.
Payment protection policies are often sold as part of the deal when customers take out a loan, mortgage or credit card but you can also find stand alone polices.
Why do you need it?
One of the main concerns for people taking out a loan is whether if their situation were to change will they be able to meet the monthly payments if they lost their job or got ill. Not meeting payment deadlines can have severe consequences. By missing payments you will have to deal with expensive interest charges and other fines which can easily accumulate. You can end up in a debt situation and damage your credit rating making it difficult for you to borrow in the future.
PPI policies can be used to protect mortgage and credit card payments and those on loans. If you are worried about the potential possibility of being unable to make the payments you can take out payment protection insurance. PPI is designed to cover the repayments if your circumstances change or you are no longer able to meet the financial commitment.
Choosing a policy
How PPI policies work and the range of benefits they offer vary significantly from policy to policy. As with any insurance policy prices differ a lot so take the time to research the market. You can compare different policies in the table above.
Before you take out a PPI policy, make sure you are clear on the conditions of the policy. As with most forms of insurance there are exclusions or clauses which may affect you – so go over them carefully and make sure you are fully aware of what is and isn't covered.
What About Mis-Selling Stories?
You will probably be aware of the recent PPI scandal in the UK where lenders were selling policies without clearly explaining what they were for. In some cases people didn’t even know that they had taken out PPI. As such the banks are facing the biggest ever compensation bill for selling insurance to people who did not need it or could not use it. Some people also realised that the PPI they had did not adequately cover them when they came to make a claim so you really need to make sure that you read the policy carefully and ask any questions you may have.
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