subject: Payment Protection Insurance – Galore of Benefits [print this page] Host of benefits from a payment protection insurance are:
Income tax exemption
Compensation when your financial routes have closed down
A financial relief when you are stressed out
A financial succour to pay up your medical bills and helps recover fast
Protects you from the implications of economic downturn or recession
Did you ever think of a condition when you are out of employment due to recession, sickness, unemployment or redundancy? You would feel financially handicapped unable to meet any of your financial obligation. The best way to counter such situations is to have an adequate payment protection policy in place. Apply for a policy with a longer waiting period for compensation if you want to pay lower premiums.
A payment protection policy will safeguard your monthly payments to be made towards your mortgage lender, Credit Card Company, grocery stores, hospitalization etc. You will be well protected and also get to enjoy tax exemptions. Your policy will take care of your monthly bills such as mortgage payments, medical bills, grocery bills etc. Whatever be your monthly expenses, your insurance company will pay you.
The policy will let you continue your life peacefully. If you are unaware of the benefits you may enjoy with this, consult an advisor. He will advise you on which policy to opt for, how much you must pay and for how long you must hold your policy. Your policy benefits are paid out to you when you are incapacitated. You may meet with an accident, fall sick or face unemployment situation. In all your ASU situations, you will be well protected. To avail this, you will have to wait through the deferring period. You may have to wait for a month or two, before you make a claim. The shorter the deferment period, you will have to pay higher premiums. If you can wait for long to make a claim, then your deferment period would be longer and subsequently your premiums would be higher.
Payment Protection Insurance Galore of Benefits
By: Kirthy Shetty
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