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Payment Protection Insurance (PPI) : Insurance Worth Spending Money On?

Author : Callum Leslie Walters

Recently, there have been lots of reports about the problems inherent in payment protection insurance, but it is also worth looking at the other side of things. We ask the question: can PPI ever be useful? What do you really need to watch out for? The main aim of PPI is, in theory, to cover you so that if you find yourself unable to make a payment on time for some reason, the insurance will cover you so you don't need to worry about any late charges.

One of the main reasons people have payment protection insurance is so they are covered for payments in the event of them being made redundant. This is a situation that can often leave people unable to pay their mortgages, so having a PPI policy is useful for making sure you are still able to cover your payments despite being unemployed. You can also claim on your PPI if you have an accident or are too ill to work as your lack of earnings will be covered by the insurance.

These are just a couple of the main reasons it can be useful to have PPI, especially if you consider what might happen if you didn't have it. For instance, if you didn't pay your mortgage for some reason then you would undoubtedly receive letters demanding that you pay. If you still couldn't pay and things got progressively worse then you could even be made bankrupt or lose your house, so it definitely makes sense to make sure you have some way of covering your costs.

In theory, the process for making a claim on your payment protection insurance is relatively simple. You will need to have proof of why you are claiming. This could include a doctor's note, proof of unemployment or some other relevant evidence. Then you will need to get in touch with your PPI lender to find out what you need to do and follow their processes. You will also have to make sure you remember to tell them when you start working again and are able to pay.

It is very important that you are careful with PPI, though, as there have been so many problems with it in the past. For example, quite a lot of people found that when they tried to make a claim for a reason they thought was valid, it turned out that they weren't actually eligible to do so. This happened for a variety of reasons so you should always get someone to explain your PPI policy if you are unsure as it is always better to be safe than sorry.

Disclaimer - This information is to be used only as a guide. It should not be used as a sole source of information on this issue. We cannot be held responsible for any loss arising out of the use of this information.

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More : Halifax PPI Claims

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Tags:   insurance, personal finance, finance

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Submitted : 2011-07-11    Word Count : 870    Times Viewed: 610