Payment protection insurance
Payment protection insurance, also known as PPI, is one of those financial instruments that were born out of need more than anything else. Today's working population is unsure about the future income as it does not depend solely on their performance. Over the years, external economic factors have started to play a big role as well, e.g. the economic slowdown. Some other examples of external uncontrollable factors include rising maintenance costs, fluctuating market rates and unstable interest rates.
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There are also lifes uncertainties to guard against. Death, impairment or loss of working ability can put the financial future of any person under threat. In times like these, it helps enormously if you have subscribed to PPI.
What is PPI?
Payment protection insurance is meant to cover all the debt repayments in case the borrower is no longer able to do so, either due to illness or even death. Such an insurance policy starts the repayment of accumulated debts after deferring for a 3 month period or from 12 to 24 months. The repayment also starts if you are no longer able to work.
This sort of insurance was developed after understanding that many individuals needed some sort of cover for their debt repayments in case something happened to them. So even in case of non-ability to work due to illness, accident or any other cause, the borrower would still be able to repay his/her loan with funds from the PPI kitty. All you need is to pay a little more than what you are paying now and this will relieve you of any worry about debt repayments whatsoever.
PPI Companies
These are nothing but companies that provide you with the benefit of payment protection insurance. It is important to note that PPI is any day a cheaper alternative to cover credit. The latter is a popular tool offered by most banks or other types of lenders. Another benefit in favor of PPI is that it allows you to modify it's terms and conditions so that it suits your particular requirements. If you have a hefty debt to repay then a PPI cover should be your first priority, irrespective of age or even job security.
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Posted in Financial Services Post Date 01/15/2021