Home » Finance

PPI or Payment Protection Insurance as it is Known

Jul 25, 2008
PPI is the product that has caused a great many problems since 2005 when the Office of Fair Trading began an investigation following a super complaint regarding mis-sold policies. The product is known as payment protection insurance as it provides insurance for a range of payments.

When considering PPI protection you are able to take out mortgage cover, loan cover or income cover depending on your circumstances and what you need to protect. This means that protecting your outgoings is very affordable especially if you choose a provider that offers age based payment protection policies. Another thing that providers will take into account when deciding the premiums is the amount you want to cover.

You are able to take out income protection to cover your income in general up to a certain amount each month. By doing so you will be have the money needed so that you can continue paying your mortgage, loan repayments and all the other essential bills needed to run the home. You would not have the worry of where you would get the money from or have to juggle around your bills in order to keep on top of things. Above all you would not have the worry of where you would get the money needed to be able to pay your mortgage.

You have to find your mortgage payments otherwise you are at risk of losing your home to the lender by way of repossession. While lenders will usually make an agreement with you this would be impossible if you do not have an income coming in each month. An income payment protection policy would take this and all other money worries away.

You could just take out mortgage protection to cover your mortgage repayment if this suited your circumstances better. If you shop around you could make savings of as much as 40% on the cost of the policy. If you wanted to protect just your loan or credit card repayments then take a look at what loan payment protection has to offer you. The best standalone providers could offer you a policy that allows you up to 80% savings on the cost of the premiums. With loan protection you can continue meeting your loan outgoings and keep yourself out of debt and maintain your credit rating.

All PPI policies have the same terms and conditions. The only different is with mortgage payment protection and you can tailor the policy for the level of cover you need. For instance you can choose to take cover against accident, sickness and unemployment only or you could choose just unemployment cover or incapacity only. Policies would begin to provide you with a replacement tax-free income between the 30th and 90th day. Once it has begun to pay it would then do so for a period of between 12 months and 24 months. However after this period of time the policy would just then cease, but usually this is ample enough time to have found a suitable position again or to have recovered from accident or illness and got back to earning your own living again.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of PPI.
Rating:
Please Rate:
(Average: Not rated)
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources