Why payment protection insurance can be good for you
- 1ST MAY 2007
Many British consumers currently have a negative view of payment protection insurance (PPI) to the point that they have actually become oblivious to the possible benefits that the protection can give an individual. The media has reported the results of recent Financial Service Authority (FSA) investigations into allegations of the high level of mis-selling by high street providers with relish.
As a result, consumer confidence in mortgage payment protection insurance is at an all time low, despite the fact that individuals in society may need it more than ever owing to an ongoing debt crisis that has seen the level of debts reach new and alarming heights.
What the media have failed to highlight is that it is not the payment protection insurance policy that is the problem; it is the sales practices and high pricing associated with it instead. The insurance itself is an absolute must for anyone in debt because it can make monthly debt repayments if the policyholder is ever unable to work as a result of accident, sickness or redundancy.
Policies offered in conjunction with a product may only protect that specific loan or credit card, but standalone policies offered by independent providers can cover an individual’s debts in their entirety.
Specialist PPI providers British Insurance can actually save you up to 80% on payment protection insurance premiums and yet deliver comprehensive cover for peace of mind. They pride themselves on putting consumer needs first, thus giving payment protection insurance the importance that it deserves.
