Unless you dont read the finance sections of the newspaper, you will no doubt be familiar with payment protection insurance – or PPI for short. Unfortunately, payment protection insurance which is an umbrella term for income, loan and mortgage payment protection policies – has featured very prominently in the media recently. And all for the wrong reasons.
What does payment protection insurance do?
But first of all, what is payment protection insurance? PPI policies pay out a monthly tax-free sum should you become unable to work due to long term illness, accident or involuntary redundancy. This means that your credit commitments such as mortgage, loan or credit card repayments and in some cases depending on which policy you buy, other living expenses, are covered in part or full by the insurance.
This means that you wont have to worry about paying your debts while you find another job or get back to 100% health certainly State benefits will not cover the average persons cost of living – nor will you upset your lender by missing payments (which can also affect your credit report and potentially any future lending). And in the case of...
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