Buy payment protection cover that works
- 19TH NOVEMBER 2007
Despite the bad name that payment protection insurance (PPI) has earned for itself you have to realise that payment protection cover can be a very valuable product to have in your corner if you should find yourself unemployed or off work due to an accident or illness. It is not the product itself that has been at fault but those who sell it without the proper training or knowledge of the product.
Providing that you know of the exclusions within payment protection cover and have made sure one is suitable for your needs, then it could give you an income each month dependent on how much your loan repayments are each month and based on your age at the time of taking out the policy.
Cover from specialist British Insurance would begin to provide you with an income from the 30th day of being out of work continually and would then run for up to 12 months. However, other providers might ask that you are out of work for anything up to 90 days, so do check out the small print.
There are exclusions which means that payment protection cover is not suitable for everyone’s circumstances with the most common being if you are retired, self-employed, suffer a pre-existing illness or if you don’t work full time. Providers could add additional exclusions so you have to make sure you read the terms and conditions before buying the cover.
Payment protection cover can be taken out alongside the loan or mortgage but if you take it this way then you can expect to pay premiums that are up to around 80% more than the quote with British Insurance and you might not be given the information you need to determine if the policy is suitable for your needs. The ethical specialist always puts the consumer ahead of huge profits and backs up their cover with expert advice while at the same time offering a quality product.
