Payment Protection Insurance, PPI is a financial product sold as an add-on cover with a variety of loans, right from mortgage to credit card bills. This policy is simply an umbrella, where you will be covered for inability to pay off your monthly installments. This may happen for a number of reasons, one of the most common being the unemployment or serious illness those force you to not pay off your monthly EMIS. The extreme of all scenarios involves the death of the head of the family. So, by picking the PPI policy, you not only secure yourself but your family too.
What Is Payment Protection Insurance Cover?
Payment Protection Insurance is a cover created to pay for the meeting your loan liabilities, in a variety of circumstance, right from the loss of your job to the health problem. Did you know in the time-space of 1920 to 2010, over 64 million have availed the PPI policies? Over the years, the figure for sale of PPI is on the surge with each passing year, this is owing to the benefits associated with the Payment Protection Insurance cover. During the earlier days, the Payment Protection Insurance was earlier sold as an additional feature with the home loan by major banks, the credit card by top lenders. However, the majority of us don’t know about it. The
Payment Protection Insurance can be easily bought by going online and take a look at the proper PPI policy options. When buying for this cover, it is highly recommended to research well and pick a policy based on your liability requirements. Ideally, before inking the deal, understand the process Of PPI claim Be straight to ask your policy lender in how many years the policy remuneration will be offered. A majority of top-rated companies do in a matter of hours, and a few days to the maximum. Stay clear of those who take weeks to claim, this will serve no benefit in the need of the hour. Apart from this be clear the procedure to file the claim, do they offer online filing of your claim or not. Besides that, what will the time period for which the PPI will pay off your loan liabilities? This is an important question to ask from your PPI insurance lender.
In the end, read the instruction carefully, understand the PPI claim procedure to enjoy a hassle-free life.