Article Advocates - Blogging and Content Management System
Welcome!

When To Get Payment Protection

Submitted by Martin Martinez | RSS Feed | Add Comment | Bookmark Me! print

If you have a credit card, then it is likely that you were offered or took out payment protection on the card. Although many people take out this insurance, there are few people who can benefit from it, and often you are just wasting money by having it. However, there are people who can benefit from the insurance and should take it out. If you are unsure about whether or not you should get payment protection insurance, then here are some tips to help you decide.

What is Payment Protection Insurance?

Payment Protection Insurance, or PPI, is an insurance offered on credit cards or loans to cover your repayments should you not be able to make them. You are usually covered for unemployment, sickness and injury that prevent you from working. Your payments can be paid for anything up to 1 year, by which time your balance might well have been fully paid off.

Costs of PPI

Although PPI might sound like a good idea, it does cost quite a lot of money. It is usually charged as a percentage of your balance, meaning that when your balance is low you don’t feel the cost. However, when your debt is high the amount can be large, but you might not notice it amongst all the other transactions on the card.

Levels of cover

Although PPI can help some people, in general the level of cover offered is very poor. There are very strict criteria that need to be met in order for you to make a claim, and so many people find they are ineligible. If you are self-employed then stay away from PPI, because it is very unlikely that you will be able to claim the unemployment benefits.

Who is PPI right for?

Although PPI has some problems, there are people that should consider taking it out. These include people who are prone to illness, or who regularly engage in sports or other high-risk activities. PPI will cover you if you are ill or injured and unable to work, so if you think this is a possibility then consider getting PPI.

Alternatives

If you do consider getting PPI, then you should also look at the alternatives available, most of which are cheaper than the insurance offered by your card issuer. One option is to take out a stand-alone PPI policy from an independent company. These policies are usually a fixed amount and are not dependent on your balance, and are a lot cheaper than regular PPI policies. Also, you should look into whether you are covered for the terms of PPI under other insurance that you currently have, such as health, liability or company insurance. If you look at all the alternatives, then you should be able to find a PPI package that is cost-effective and gives you the cover that you require.

Contact Us
Support and Sales
Contact Us


Associated Articles:
Why do you required to search for the help of thesis writing service - Academic writing services never deliver you plagiarized papers. So you can ensure superior grades fo...
HOW TO WRITE A RESEARCH PROPOSAL? - To get professional writing service visit Dissertation Planet...
UK University essay writing tips - This article is about essay writing help for students in universities. University essay writing is t...
Bio - Author of the Book Little Caterpillar - Grace teaches Western business etiquette with an Asian influence, treating social graces the same as...
3 Social Graces Tips by Grace E Lee - ...
Payday Loans- Quick And Easy Cash With Less Formalities - Anyone whose payday is days away from payday and is in need of immediate monetary assistance can app...
Payday Loans- An Easy Solution To Deal With Unpredictable Expenses - Anyone looking for short term cash aid ahead of payday can apply for payday loans. These are short t...
Meet Grace Lee - Grace Lee's dynamic, motivational keynote speeches show how easy it is to make changes in your etiqu...
Social Graces and International Business Etiquette Decorum - Because people are reluctant to admit they're offended by your words or behavior. Our fast-changing ...
The Discounted iPhone 4S is not a Bargain - Sprint and Apple are selling the iphone 4S with various exciting discount before the arrival of the ...

Related Tags (related articles): Student Loan (345), Personal loans (104), uk (399), secured (293), loans (783), debt (1003), consolidation (863), compare (172), apr (98), bad credit (193), student loan (345)