Payment protection insurance or PPI as it’s typically referred to is a type of insurance that will help you to pay your monthly expenses including mortgage, credit cards, loans and other expenses should you be ill, injured or lose your job and are unable to work for a period of time.
It’s very important to keep in mind that payment protection insurance has many exclusions that can apply and you’ll likely have to prove that you’re unable to work and why with full and complete documentation.
Payment protection insurance prices will vary greatly from one policy to another and depending on what they cover. If you foresee that you may become unemployed in the near future and already have payment protection insurance you may wish to ensure that it’s fully covered.
Many payment protection policies will also have a waiting period so make sure that you’re aware of these specific stipulations.
Payment protection insurance will vary on how long it will carry you over while you’re unemployed. If your injured or unable to work due to illness you may also wish to consider a long-term disability policy to cover the gaps that you’ll have in your coverages.
Payment protection insurance can be a good thing to have when you have it for the right reasons. To get more detailed information set up an appointment with your insurance agent and ask to discuss your options regarding payment protection insurance and what all it will cover.
You’ll have to keep up with your premiums to ensure that you have this coverage when you need it and you may have to prove your inability to work to receive your insurance from this type of policy.
Not all policies are the same so again, read the fine print and make sure you fully understand what you’re signing before you sign and pay your premium.