Payment Protection Insurance?

Payment Protection Insurance?
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1 Answer

Answer :

Protection insurance is also called a payment protection insurance or PPI. This is an insurance cover that is designed to protect you from uncertainties caused by any economic or health issues that may affect you and hinder you from servicing your debts. This is why this specific insurance cover can also be termed as a credit protection insurance or loan payment insurance. The cover is very important as it protects both you and your assets. With it, you can be assured of a future even in cases of unforeseen misfortunes like accidents or health conditions that may leave you unable to get employment or generate income. This specific insurance cover must not be confused with a credit card cover or income payment insurance. This is because protection insurance is tailored to cover you from current outstanding debts. The debts may be as a result of loans or overdrafts. Protection insurance will cover you in case of accidents, sickness, unemployment or death. In short it protects you from any misfortunes that may stop you from earning a salary to service your debts. Most institutions that offer loans may make it mandatory for you to have a payment protection insurance so as to qualify for a loan. Most banks and credit providers sell this type of insurance. You can however shop for your cover from other companies. This step may prove to be much cheaper. When choosing a Payment protection insurance cover, you must understand the terms and conditions that govern this type of insurance. This is because unlike other types of insurance that will offer compensation, payment protection insurance will only cover your debt for a period of twelve months. From this point you will be required find other means of repaying your debt. Due to the complicated nature of protection insurance, it is very important for you to understand your cover. This is because not all scenarios are entitled to compensation. If you quit your job, then you will not be compensated. However if you get fired, your insurance company will give you compensation. In spite of the fact that banks and other institutions that offer loans may make it mandatory for you to have a payment protection insurance, it is illegal for them to make the cover an add-on your package without your knowledge. This is solely for the reason that you have a right to choose shop for your insurance cover from another company.
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