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Payment Protection Insurance Can Be A Lifeline To Keep You Afloat

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  • Simon Burgess
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    Message 1 of 1 , Mar 30, 2008
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      Please consider this free-reprint article written by:
      Simon Burgess

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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
      Format: 64cpl
      Contact The Author: http://www.isnare.com/eta.php?aid=239161

      Easy Publish Tool: http://www.isnare.com/html.php?aid=239161

      ================== ARTICLE START ==================
      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
      months.

      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
      much.

      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
      insurance.

      Please use the HTML version of this article at:
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      ================== ARTICLE END ==================

      For more free-reprint articles by Simon Burgess please visit:
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