411 Insurance

For the most part, most credit seekers will often worry about what they would do in the event they were unable to work due to injury, illness or if their current position at work becomes redundant. There is something called PPI which was instituted for these situations.

The abbreviation PPI is short for Payment Protection Insurance. This kind of insurance was established to help cover the repayment of bills such as a mortgage loan, credit card repayment, or similar monthly loans in the event you are injured or are unable to work due to illness or due to redundancy. The PPI will cover a percentage of specific loans monthly for about twelve months and at most up to 24 months.

Before you decide on purchasing PPI you should make certain that it is well suited for you. You don’t want to fall victim to a high pressured sales person or lender whom is trying to pressure you into buying their plans.

Additionally it is crucial that you know that there is quite a bit of criteria you will need to meet in case you do need to file a PPI claim. Please find some of these below:

* Make certain you list any pre-existing medical conditions. Several companies will not even sell you the PPI once they are aware of them. Better to know upfront.

* Your age must be between 18 and 65.

* You must work at least sixteen hours per week.

* If you are going to claim unemployment you will have needed to be employed with the same employer for a minimum of twelve months prior to making the PPI claim.

It is also important that you know that some medical conditions such as back issues or even stress related issues may not be covered under the PPI policy. Be sure to ask this. You would hate to need to file a claim and then discover you would not be covered.

There has been quite a bit of problems in recent times with loan companies attempting to pressure prospective borrowers into buying overly priced payment protection insurance from them. They sometimes have promised lower rates, or said that if the borrower did not buy the PPI then they might be denied the credit. This is something for another article, however, this is now termed mis-sold PPI, which if you fell victim you could possibly reclaim some money back.

If you want to purchase Payment Protection Insurance and you feel it will be beneficial for you, make sure you check prices, as it may add up from 60-65% to the total of the loan. Be wary of high pressure tactics, and watch out for poor sales practices.

For more information on payment protection insurance or if you are interested in obtaining information on ppi claims, please visit Simplicity Claims to see what your options are.

Tags: Insurance, mis sold, mis-sold ppi, payment protection insurance, ppi, ppi claims

This entry was posted on Tuesday, August 3rd, 2010 at 6:24 am and is filed under Insurance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.