Don't Be Tricked Into Buying Ppi

Are you currently thinking about buying Payment Protection Insurance (PPI) although the bank you are dealing with is high pressuring you and you need time to consider it and perhaps shop around

? Truth be told, the majority of banks would like you to buy from them, as they make massive gains off their highly overpriced insurance. If you wish to find out more information, and find the best possible rates you are best to find a private provider or specialist. They are able to also provide you with the proper information and exclusions so you are not mis-sold payment protection insurance and you simply understand all facts before you purchase.

Should you be considering PPI it is most likely true you already know what it is for. This insurance will help repay your loans, mortgage and credit cards if you ever are hurt from an accident, or you are ill or you come to be unemployed. Normally one must wait from 31 days up to 90 days to file his or her PPI claims after they are out of work for cover to start. At the most this will run for 24 months, but in most cases 12 months is the norm.

It is imperative for you to read all the fine print and ask all of the correct questions prior to agreeing to purchase this cover. By chance you were not advised of a specific exclusion and then it happens your PPI claims could be and most likely would be denied.

We have put together a few key things to ask the agent before you purchase PPI:

1. Should you be self-employed will you be covered? 2. What exactly are the terms of repayment? 3. What are some of the exclusions for example medical conditions? 4. Will you be covered in the event you become unemployed or in case your job becomes redundant? 5. What's the final price you will end up paying when the PPI is paid off? 6. Can you cancel it at any time? 7. Which kind of medical conditions are not covered? 8. Make sure to ask to look over the policy and or terms.

You really do not want to be mis sold payment protection insurance, it is advisable to ask these questions. Also, do not allow the lender to persuade you into buying the cover by them indicating it is required. This is not allowed and may also be cause to file a reclaim if you ever chose. Be sure to look around for the best premiums on PPI.

by: Sharon Dawkins

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