Understanding Payment Protection Insurance

Understanding Payment Protection Insurance
When it​ comes to​ understanding payment protection insurance it​ can be hard .​
Depending on​ where you​ go for the​ protection,​ you​ can be given very little information on​ the​ subject which could at​ the​ very worst leave you​ being mis-sold a​ policy on​ which you​ cannot possibly hope to​ claim should you​ become unable to​ work due to​ accident,​ long term sickness or​ involuntary redundancy .​

At the​ very least,​ you​ could end up paying well over the​ odds for a​ policy that only provides basic cover.
As recent research from the​ Financial Services Authority has shown,​ the​ majority of​ those policyholders who have been mis-sold a​ policy have bought it​ from the​ high street banks and lenders who tend to​ sell it​ alongside a​ credit card,​ loan or​ mortgage .​
The key to​ buying the​ right cover for you​ is​ to​ shop around and thoroughly investigate the​ market place .​
Standalone providers can not only help you​ to​ save a​ substantial sum of​ money on​ the​ quote for the​ premium but you​ can get a​ better quality product.
Payment protection insurance is​ taken out if​ you​ want to​ safeguard your monthly credit repayments in​ case you​ should find yourself out of​ work due to​ an​ accident,​ sickness or​ unemployment .​
a​ good policy will normally pay out for up to​ a​ period of​ 12 months (some pay for up to​ 24 months) which is​ usually more than enough time to​ get yourself back on​ your feet .​
It is​ essential that you​ understand payment protection insurance as​ there can be hidden exclusions in​ the​ small print .​
For instance,​ if​ you​ are self employed or​ over a​ certain age then you​ will probably be ineligible for cover,​ so always check before signing on​ the​ dotted line.
Always make sure that the​ payment protection insurance isn’t already included in​ the​ loan .​
Sometimes the​ high street lender will include the​ cost of​ the​ cover without asking if​ you​ want it .​
If you​ do want the​ cover,​ then simply ask that you​ be given a​ quote for the​ loan without protection and go to​ an​ independent provider for your policy.

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