Payment Protection Insurance Can Be A Lifeline To Keep You Afloat
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Article Title: Payment Protection Insurance Can Be A Lifeline
To Keep You Afloat
Author: Simon Burgess
Word Count: 560
Article URL: http://www.isnare.com/?aid=239161&ca=Finances
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Payment protection insurance (PPI) is an umbrella term that is
used for loan payment protection, mortgage protection and income
payment protection insurance. All three policies can be taken
out for a premium each month. They will safeguard against the
possibility that you might find yourself unable to work. This
could be through suffering from an accident that leaves you
incapacitated, illness or if you should become unemployed by
redundancy for example.
Typically the premium will be based on how old you are at the
time of applying and how much you wish to cover. However, this
can vary greatly. The cheapest quotes are given with a
specialist independent provider of payment protection. While the
high street lenders will usually offer the dearest quotes.
All types of payment protection insurance will provide the
policyholder with a monthly income that is tax-free. The
policyholder would have to be unable to work or be unemployed
for a period before the policy would begin. This will usually be
between 30 and 90 days. Some providers can backdate the cover to
the very first day of becoming unemployed or unfit for work.
Once the individual has started to benefit from the policy, it
would then continue to provide security for between 12 and 24
Loan payment protection insurance would give an income that
would allow the individual to continue meeting their loan or
credit card repayments. This would mean they would not fall
behind into debt and earn a bad credit rating or even worse. A
policy would allow the individual to relax and recover from
illness or would enable them to find another position, knowing
they would not be struggling each month.
Mortgage payment protection insurance (MPPI) allows the
policyholder peace of mind when it comes to ensuring that their
mortgage repayments can be kept up. If the homeowner were to get
behind by just as couple of months then the lender could seek
repossession of the property. Relying on any savings or the
State to step in and help is definitely not a good backup plan.
Any savings you had would soon deplete and you have to qualify
with the State to receive any benefit from them.
Even if you were entitled to receive State-aided funds, then
you would have to wait for up to several months if you had taken
out your mortgage before October 1995. After this period, you
could then receive help for up to the first £100,000 of the
interest part only of your mortgage. With this in mind you can
see why considering mortgage cover is essential.
Stop and consider how much you payout each month in essential
outgoings. If you were to lose your income, how would you manage
to carry on staying financially afloat? Income payment
protection insurance would supply the policyholder with an
income to replace their lost one, up to a certain amount. This
would allow the individual to continue paying essential bills
and would mean they would not have to change their lifestyle too
Checking out payment protection insurance with an ethical
standalone provider is essential. This will ensure that you get
the cheapest quotes and best quality insurance possible. It will
also allow the individual to check the terms and conditions and
check out any exclusions which can reside in the policy.
About The Author: Simon Burgess is Managing Director of the
award-winning British Insurance
(http://www.britishinsurance.com), a specialist provider of low
cost income payment protection insurance (PPI), mortgage payment
protection insurance (MPPI) and loan payment protection
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