ThePPIClaims

How To Fetch The Right Policy?

If you are a regular newspaper reader then you might have came cross news pertaining to PPI. These policies cover the debts if the insured meets with an unfortunate accident or suffers from the brunt of job loss. Repayments on store cards, mortgage, credit cards or loans might be insured by Payment Protection Insurance in case when a borrower fails to meet his monthly obligations. 

There are many companies in United Kingdom that offer this kind of cover. Such companies pay either a percentage of your repayment for a fixed tenure or complete debt’s obligations depending on the policy opted by you. Most of such policies insure reimbursement only for a stipulated time that generally last up to period of twelve months. However, it is important for you to know that this kind of policy does not cover people who are self employed, who are working on contracts, those who are suffering from medical condition of any sort, who have reached the age of retirement or those who are working for various employers at a point of time.

Such policies are optional, and not a vital part of a mortgage or loan you are applying for. These are issued by an insurance company. If you are applying for a loan from lender then you might not be able to enjoy its benefits.  However, if you feel that you cannot meet the obligations then you can reject the proposal. On the other hand, if you think that you need it then you can approach other sources for the same.

Enlisted are a few factors that you should take into consideration before buying policy of this form. Besides, it will also save you from being the victim of Mis Sold PPI Claims:

•The applicant might be already insured with existing options that cover the reimbursement of loan such as insurance policies that cover accidents, redundancy, sick pay benefits or a life insurance policy.

•A person can be covered only if he is permanently employed or is into regular job. He must be into job that pays him weekly or for minimum 16 working hours. There are policies that cover self-employed too but have various constraints. 

•It is important for you to remember that the cost of Payment Protection Insurance will be an additional burden on your existing as well as future expenses. In order to fetch the best deal, compare the cost along with coverage and make an appropriate decision.  

•Before signing the papers, it is strongly recommended that you carefully go through the policy in order to ensure that it covers all the claims that have to be made under certain specific conditions.   It is equally important for you to know the circumstances that are not covered under the policy.

Besides above slated, there are several other factors that a person opting for this policy should give a second thought to. This especially stands true in a scenario like todays where number of cases of Mis Sold PPI Claims have come to the light.