Is a payment protection policy worth taking?
- 16TH AUGUST 2007
Like any other form of insurance that you pay a monthly premium for, a payment protection policy can be gamble if not bought from the right source. But don’t let the bad press about mis-sold policies put you off - if you haven’t got payment protection insurance cover and then the unexpected happens, you would be left wishing you had taken the gamble.
A payment protection policy (also known as PPI for short) is taken out to ensure that if you find yourself unable to work through becoming unemployed or by suffering an accident or illness that means you cannot work, then the cover will pay out a fixed monthly income for up to 12 months (in some cases, 24 months). This ensures that you can carry on meeting the repayments for a loan, credit card or store card without worrying about where to find the money.
Recently it came to light that sometimes the payment protection policy was grossly over priced and the selling techniques surrounding payment protection insurance policies were often very poor, especially when bought from the high street banks and lenders. This of course can be perceived as another major downside to the insurance and one which has left many people wondering if a payment protection policy is worth taking out.
It most definitely is worth purchasing payment protection insurance cover – it provides a financial lifeline that will help keep you afloat when you are without an income. For those who want the cover then there is a safer and cheaper option than the high street lender, a standalone provider. British Insurance is one such ethical provider who can help you to get the policy suited to your needs whilst saving you around 80% on the cost of it.
A payment protection policy can be worth taking and you can cut the risks down if you take advice from a specialist in the sector, British Insurance have made policies easier to understand and available to all suitable individuals for a fraction of the cost of the high street lender.
