Questions To Ask If Buying Payment Protection Insurance
Have you been considering purchasing Payment Protection Insurance (PPI) but the bank you are dealing with is high pressuring you and you want time to think about it and perhaps shop around? Truth be told, most banks want you to buy from them, as they make huge profits off their highly overpriced insurance. If you want to find out more information, and find the best possible premiums you are best to find a private provider or specialist. They can also give you the correct information and exclusions so you are not mis-sold payment protection insurance and you know all facts before you buy.
If you are considering PPI it is probably true you already know what it is for. This insurance will help repay your loans, mortgage and credit cards in the event you are hurt from an accident, or you are ill or you become unemployed. Typically one must wait from 31 days up to 90 days to file their PPI claims once they are out of work for cover to begin. At the most this will run for 24 months, but in most cases 12 months is the norm.
It is imperative that you read all the fine print and ask all the right questions prior to agreeing to purchase this cover. In the event you were not informed of a specific exclusion and then it happens your PPI claims could be and most likely would be denied.
We have put together a few key questions to ask the agent before you purchase PPI:
1. If you are self-employed will you be covered?
2. What are the terms of repayment?
3. What are some of the exclusions such as medical conditions?
4. Will you be covered if you become unemployed or if your job becomes redundant?
5. What is the final price you will be paying when the PPI is paid off?
6. Can you cancel it at any time?
7. What type of medical conditions are not covered?
8. Be sure to ask to look over the policy and or terms.
You really do not want to be mis sold payment protection insurance, it is best to ask these questions. Also, do not allow the lender to persuade you into buying the cover by them telling you it is mandatory. This is not allowed and can also be cause to file a reclaim if you ever chose. Be sure to shop around for the best premiums on PPI.
