PPI - Payment Protection Insurance Facts

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Most conscientious loan borrowers might be concerned about what they would do in the event they were unable to work due to injury, illness or if their position at your place of employment becomes redundant. There is something called PPI which was instituted for these situations.

The abbreviation PPI represents Payment Protection Insurance. This form of insurance was developed to make repayments of bills such as a mortgage loan, credit card repayment, or other monthly loans if you ever 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 twenty-four months.

Prior to deciding on purchasing PPI you should make certain that it is well suited for you. You will not want to become victim to a high pressured sales associate or lender whom is trying to push you into purchasing their plans.

Additionally it is important that you be aware that there is a large amount 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 likely 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 need to work at least sixteen hours per week.

* In the event you are going to claim unemployment you must have been employed with the same employer for a minimum of 1 year prior to making the PPI claim.

You should also be aware that some medical conditions like back issues or even stress related issues may not be covered under the PPI policy. It is best to ask about this. You would hate to need to file a claim and be told that you would not be covered.

There has been quite a bit of problems through the years with loan companies attempting to pressure prospective borrowers into purchasing overly priced payment protection insurance from them. They at times have promised lower rates, or stated that if the borrower did not buy the PPI then they would be denied the credit. This really is something for another article, however, this is now called mis-sold PPI, which if you fell victim you might be able to reclaim some money back.

If you decide that you want to purchase Payment Protection Insurance and you think it is a good choice for you, make sure you check prices, as it can add up from 60-65% to the total of your loan. Be wary of high pressure tactics, and beware of poor sales practices.

Article Source: http://depositarticles.com/

For more information on payment protection insurance or if you feel you were mis-sold ppi, please visit Simplicity Claims to see what your options are.

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