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Is PPI Policy The Right Option For You?

If you are residing in United Kingdom then there is very possibility that you might have heard about the biggest scandal ever that hit the country – the PPI scandal. It spread like shockwaves leaving many baffled. If you have taken out a loan or credit card policy in the last few years or recently then you better scan through all the documents carefully because you can be the victim of the same. Payment Protection Insurance Policy has limits and restriction on up to when you can use them. Therefore, before buying one find out whether or not you fit the requirement. 

If you think that you have been mis-sold one then Claim Back PPI without even thinking twice.

An Insight Into The Policy And Aspects That It Covers

This type of policy can be of great help because it is designed with an objective to help borrowers keep up with payments on loans or debts in case you suffer from job loss or health ailment. Therefore, if you have taken out this policy for your loan, for instance and then suffer job loss then this policy will repay a regular sum in order to insure reimbursements. You can easily get this policy for catalogue shopping payments, store cards, mortgage and loans. 

Actually, it has many benefits to offer when used in the right way. The insurance firm will make monthly reimbursements on the behalf of a borrower for a particular time frame that generally varies between 12 and 24 months or until the time you resume work. In a nutshell, whichever of these takes place earlier! 

What all this policy does not insure?

Read on to find out about the aspects that this policy does not cover:

•Retired people are not eligible for this policy

•It does not include many illnesses. Make sure you read the policy carefully before making a decision to buy one.

•The first three months or rather say ninety days post which you stop working. You have to repay during this tenure yourself.

•This policy does not cover certain pre-existing diseases

Who All Need Payment Protection Insurance Policy?

You can consider buying this policy under the following circumstances:

•You have taken out a loan, credit card reimbursements or a mortgage

•When you want to ensure that you continue repaying leaned amount even if you are  unemployed or fall ill

If you have made up your mind to opt for this policy, and you are all set to make a decision, it is suggested that you cover your mortgage prior to any credit card or loan commitments. 

The more you will gain knowledge or find our details about it, the better it will be for you.  Make sure that you take extra care while signing the documents related to this policy. Carefully go through the documents and clear all your doubts with the insurance broker, financial adviser or the insurance company. This would help you in making the right and smart decision.