subject: All About Taking Out Payment Protection Insurance [print this page] All About Taking Out Payment Protection Insurance
Some people who want to claim PPI compensation find they have paid too much for their protection. It is important to realize that when you get payment protection insurance you are not paying too much. When you purchase it from the company who gave you the credit card or mortgage, you are likely paying much more than you need to. There are PPI policies available from third parties that will not cost as much while still providing the payment protection you want. It is amazing the amount of money you can save by shopping around a bit before you purchase.
In order to make sure you do not pay too much for PPI protection, you need to contact the government's independent website for financial advice. There you can compare PPI products and find the right provider and price for your situation. They will ask you for information such as age and employment status. Once you provide that information, they will give you a list of providers along with the estimated costs. You may be surprised at the differences between providers. One provider may give a quote for 15 a month while another gives a quote for 75 per month. The coverage is the same. The only difference is price. You can get the same claim PPI compensation from the lower cost coverage as the higher one.
The insurers use various criteria to determine how much they charge each individual for PPI coverage. They not only look at the age and employment to determine this. They use employment stability and other factors as well. If you recently faced redundancy, you may not get coverage, even if you quickly found another position. The older you are, the more you will likely pay. All of this coverage is only a theory until the insurance companies confirm your information. If you have medical issues, the insurance company may want to confirm your medical status before insuring you. In all of these factors, many insurance companies may reject your application. You need to remember this when looking for claim PPI compensation protection.
If you need to claim PPI compensation, you will need to wait at least four months after losing your employment to get coverage. Most policies will pay from 12 to 24 months. Your policy prices may go up if the economy begins to sour. The insurance company holds the right to review rates at any time.
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