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Life is full of uncertainties, unexpected things like job loss, illness and family emergencies which can enter your life at any time. PPI (Payment protection insurance) is designed to help the borrowers when something unexpected happens. Unlike traditional insurance policies, there are various kinds of PPI that cover different things. Before applying for PPI you need to know what type of cover you require. Below are some of the basic things which you need to consider before opting for PPI.
What does the policy cover?
Different PPI policies cover different kinds of illness. Ensure that you disclose all your health issues to the policy providers before applying for PPI. If you don’t disclose your health issues accurately then there is a chance that you will receive improper PPI or your PPI may be void. You should know everything about the policy. You can also ask them whether the policy covers any specific ailment which you feel will crop in the future. If required you may pay little extra to ensure that you are covered for that particular ailment.
Know the employment conditions
Most people buy PPI to cover the loss of income, however unless you meet specific criteria set it doesn’t cover the loss of income. So, you need to know what does your PPI covers and what it doesn’t cover in terms of job loss or income reduction etc. Otherwise there is a chance you can be left in even bigger debts as you lack the sufficient cover. PPI covers regular or permanent employment only. Make sure you understand the circumstances under which you can claim the PPI. If you leave the job or fired from the job you may not be able to claim the PPI.
Check the prices of the policy
Rates of the policy vary from one lender to another and from one type to another type of policy. Shop around to get the best deal available. Compare the rates of one lender with another and select the best one. Get at least three quotes for your loan. Ask them to provide the cost with and without the policy. This will allow you to get the accurate cost of the policy.
Terms and conditions
Ensure that you understand all the terms and conditions of your policy before signing the agreement and know the repayment limit. Some policies will cover your loan payments for 12 months and some cover for 24 months. Also know the waiting period to start the claims process. This is usually 30 days.
Reclaiming PPI
You should also know how to reclaim your PPI. These days many PPI claims management companies have emerged to help you in claiming your PPI. These companies will also allow you to reclaim the mis-sold PPI policies.
What does the policy cover?
Different PPI policies cover different kinds of illness. Ensure that you disclose all your health issues to the policy providers before applying for PPI. If you don’t disclose your health issues accurately then there is a chance that you will receive improper PPI or your PPI may be void. You should know everything about the policy. You can also ask them whether the policy covers any specific ailment which you feel will crop in the future. If required you may pay little extra to ensure that you are covered for that particular ailment.
Know the employment conditions
Most people buy PPI to cover the loss of income, however unless you meet specific criteria set it doesn’t cover the loss of income. So, you need to know what does your PPI covers and what it doesn’t cover in terms of job loss or income reduction etc. Otherwise there is a chance you can be left in even bigger debts as you lack the sufficient cover. PPI covers regular or permanent employment only. Make sure you understand the circumstances under which you can claim the PPI. If you leave the job or fired from the job you may not be able to claim the PPI.
Check the prices of the policy
Rates of the policy vary from one lender to another and from one type to another type of policy. Shop around to get the best deal available. Compare the rates of one lender with another and select the best one. Get at least three quotes for your loan. Ask them to provide the cost with and without the policy. This will allow you to get the accurate cost of the policy.
Terms and conditions
Ensure that you understand all the terms and conditions of your policy before signing the agreement and know the repayment limit. Some policies will cover your loan payments for 12 months and some cover for 24 months. Also know the waiting period to start the claims process. This is usually 30 days.
Reclaiming PPI
You should also know how to reclaim your PPI. These days many PPI claims management companies have emerged to help you in claiming your PPI. These companies will also allow you to reclaim the mis-sold PPI policies.
Author Bio: My name is Sarah I am a Tech writer from UK. I am into Finance & Insurance catch me @financeport
Posted in: Finance
1 comments:
I like your all basic things for reclaiming PPI get back. mis sold ppi
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