The purpose of Payment protection insurance is to make the policyholder’s payments in case the person is made redundant or is suffering some kind of illness that leaves one unable to make the payments on a loan or mortgage. Many incidents on which PPI has been mis-sold persons without disclosing the information that should have been disclosed before actually selling the PPI.
Considering the incidents of the mis-sale of PPI, it is essential that one should how do i know if i have PPI the things, which are necessary to be known about PPI before going ahead and buying the insurance. There are various conditions regarding likely buyer of a PPI policy, which have to be met so that a person might be eligible to purchase the policy. Hence, it important that these conditions ought to clarified to the buyer of the PPI.
The first important thing that you ought request before signing up funds is whether the PPI is part of plan you receive includes or not. This is important because there may be some insurance providers who include the PPI inside the quote of the insurance without telling you that PPI is optional.
It is important always to read the terms and conditions while signing up for PPI or a loan for that matter. There are factors related to your employment situation and age that you should be told about in order to stop having the PPI mis-sold to you. When it comes to getting a PPI, the provider has to disclose to you the undeniable fact it is not critical that you get the PPI along with the loan in the same post.
It is possible that you can also get a PPI from a third spacial occasion. This is something that should be told before PPI. However, if won’t be told about it, you receive the right to make a claim.
People who are unemployed or self-employed are not eligible for the Ppi. Hence it is important that the provider should ask you about your age and employment status. As much as a certain age limit is actually eligible to get Insurance. It is important that you should be told about these details. However, if the provider isn’t giving you this necessary information, you should ask questions related to these prior to taking PPI.
In PPI, usually are conditions related on the medical condition of the policyholder and these conditions should be conveyed to the one who is applying for your PPI. This information and facts are important because that related to the potential future illness, the significant factor in PPI.