Cheap payment protection could give you a monthly income
- 6TH SEPTEMBER 2007
Payment protection insurance policies can give you a monthly income each month providing you have made sure that you meet the requirements within a policy. Payment protection insurance is a term for three ways of insuring against the fact that if were to come out of work after suffering an accident, sickness or unemployment you could suffer severe financial difficulty. The cover has earned itself a bad name however and finding cheap payment protection can be hard unless you choose to search for it independently.
Payment protection insurance includes mortgage payment protection, income protection and loan payment protection insurance. The policies all have many things in common with the differences being what they actually protect - mortgage insurance will cover your monthly mortgage repayments; payment protection insurance will cover your loan and credit card repayments; and income protection will cover a lost income.
Payment protection is also called ASU insurance, which is accident, sickness and unemployment insurance. You can take out a policy to guard against accident and sickness only, unemployment only or accident, sickness and unemployment.
All cheap payment protection insurance policies will start to pay out after you have been out of work typically for 30 days or more and will continue to pay out for up to 12 months and with some providers 24 months. It will give you a tax free sum of money each month to ensure that you wouldn’t be left struggling financially if you were to come out of work.
When it comes to getting cheap payment protection you have to buy the cover independently and get several quotes from standalone providers. A standalone provider such as British Insurance can help you to make the best savings when it comes to getting a policy and along with this, because they specialise in the cover, they can also ensure that you get the information you need to ensure that a policy is suited to your needs.
Payment protection insurance can be a great life line but it isn’t suitable for everyone, there are exclusions which mean that you might not be able to claim. Some of the most common include coming out of work due to a pre existing medical condition, being retired, self employed or only working part time. When it comes to getting cheap payment protection it is essential that you do your homework and make sure a policy is suited to your needs.
