What you need to know about PPI

As we are all fully aware PPI or payment protection insurance as it is known has been hitting the headlines for the past 3 years for all the wrong reasons and with so much conflicting information going around we thought it would be beneficial to give you some helpful information on ppi.

PPI has a place in today’s insurance market and can help people in their hour of need but you must understand the following before you purchase this type of insurance:

 

1. It typically will not pay out for the first 30 days if you have a claim
2. It does not cover the self employed for being out of work
3. It only covers a specific finance agreement and not all your bills or finance commitments
4. It will not cover any pre-existing medical conditions you have
5. It will only pay you finance agreement for a maximum of 12 months

If you understand all of the above and that you also have the option to shop about for this type of cover then it can protect you when you need it most. The last thing you would want to happen if you broke your leg and were off work for 6 months would be to lose your new car or whatever you have purchased lately because you did not have this type of cover.

Sadly payment protection insurance has had bad press because it was widely missold by all the major banks and finance institutions and is set to cost that sector over £25 billion in compensation but you should not let this put you off if you understand the above as this type of cover can be very important to people with finance commitments.

There is similar cover to payment protection which is called income protection cover and has the pitfalls as those outlined above but is not for one specific finance agreement but you can use the cover to protect you for your finance commitments and bills at the same time and is becoming more popular with the consumers of today.

Do not let the missold PPI scandal affect you when making a decision to protect you and your loved ones if you become ill or are made redundant as the last thing you want is to lose your home or your car because you cannot make the payments due to unforeseen circumstances.

You and your loved ones deserve protecting so act today and get all the protection you need from this type of cover.


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