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PAYMENT PROTECTION INSURANCE COVER FROM BURGESSES
ACCIDENT SICKNESS AND UNEMPLOYMENT INSURANCE
FOR MORTGAGES, LOANS AND INCOME |
| Mortgage Payment Protection Insurance
with premiums as low as £2.45 per
£100 of monthly cover |
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| loan payment Protection Insurance
with premiums as low as £2.50 per
£100 of monthly cover |
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| INCOME payment Protection Insurance
with premiums as low as £3.00 per
£100 of monthly cover |
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Explaining Payment Protection Insurance Cover
It is one of life’s little ironies that those who feel they
can least afford payment protection insurance cover tend be those who
can least afford to be without it.
The payment protection insurance cover, which typically pays a monthly
income for up to a year if you are unable to work as a result of sickness,
injury or involuntary unemployment, can cost under £4 a month
per £100 of monthly cover if bought from a competitive specialist
payment protection insurance provider.
Furthermore, there are no additional premium loadings imposed for factors
such as smoking habits, age or medical history.
Protecting a sizeable mortgage or other loan repayment can therefore
cost even less than subscribing to Sky TV. But the fact that people
question whether they can afford such a modest outlay whilst enjoying
an income from full-time employment only goes to prove how difficult
it would be to survive without that income.
Ask virtually anyone who has tried to get by on State benefits and they
will verify that even the phrase “long hard struggle” is
more than a tad generous.
Any savings you have tucked away could disappear within weeks if you
are suddenly made redundant or become unable to work due to health problems.
After all, why would anyone with limitless resources want to take out
a loan in the first place?
In short, in a matter of only months a single stroke of misfortune can
reduce you from enjoying a comfortable lifestyle to facing the possibility
of having your home repossessed.
Payment protection insurance cover can safeguard against such a dreaded
scenario, but please realise that you don’t have to buy payment
protection insurance cover from the organisation that is granting you
your loan.
An independent specialist payment protection insurance provider should
significantly undercut most banks and building societies on price and
also provide a higher quality of cover. But lenders are only too aware
of this, so they are most unlikely to tell you that you can shop around
elsewhere.
Indeed, the major banks and building societies have become well known
for resorting to the underhand tactic of automatically including the
cost of payment protection insurance premiums in loan repayment quotations.
Nevertheless, be aware that even payment protection insurance policies
offered by the very best specialist providers are not necessarily suitable
for everyone.
Payment protection insurance cover may, for example, fail to appeal
to those with ongoing medical conditions, because illnesses you already
have at the time you take out your policy are excluded.
Payment protection insurance cover can also be of questionable value
to the self-employed, who cannot claim for involuntary unemployment
cover unless they permanently cease trading.
The majority of other consumers who take the trouble to consider the
facts are, however, likely to regard payment protection insurance cover
as an essential purchase.
If so, don’t let the fact that the product can be called by different
names confuse the selection process. It is also often referred to “accident,
sickness and unemployment (ASU) insurance” or, when it is used
specifically to protect a mortgage, “mortgage payment protection
insurance (MPPI).”
“Loan payment protection insurance cover”, which is linked
directly to a loan, and “income payment protection insurance cover”,
which protects your general lifestyle, are also variations on the same
theme.
Payment Protection Insurance Directory
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