subject: Should You Take Out Payment Protection Insurance? [print this page] Whenever you take out a loan or apply for a new credit card you will undoubtedly be offered Payment Protection Insurance (or PPI for short). This form of insurance is designed to offer you a lifeline should you fall ill, lose your job or have an accident, resulting in you being unable to make a repayment.
However, what can be disguised as a very low cost through fancy sales patter may actually end up costing you a huge amount, whilst not being worth the paper it is written on. In some cases, the correct PPI may well offer sanctuary should the worst happen, but in most there are so many exclusions and clauses that the chances of making a successful claim are very slim. When a successful claim is made, it is very rare that it will actually pay out more than the premium that you have already forked out.
Sometimes it is not even a matter of choice, with some institutions taking the liberty of adding it on without consultation, simply adding it into the quote or informing the customer that the cover is compulsory.
There are also other options for those who want security should they find themselves unable to meet repayments. For instance life insurance or income protection insurance may well be much more beneficial in protecting yourself against a loss of earnings. Also, before you even consider insurance, it is worth looking into your working contract as some people may well find they are covered by their employer.
Despite a rising awareness of the crooked tactics of many companies in selling Payment Protection Plans, they are still being mis-sold day in and day out.
If you feel you have been lead into buying a policy that you don't need or can't use, you can reclaim PPI. There are many financial experts who can give you help and advice, making it easy to reclaim PPI that you never wanted or asked for in the first place.
Should You Take Out Payment Protection Insurance?
By: wallyrobert528@gmail.com
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