Apply for a Loan with Payment Protection Insurance (PPI)
Loan Payment Protection Insurance (PPI)
Loan Payment Protection Insurance (PPI) provides insurance which pays your
loan in certain circumstances. Redundancy, for example, is covered.
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A loan PPI will cover you for accident and sickness, involuntary unemployment, major illness and death.
However there maybe some
exclusions in the loan PPI small print, which may affect you. So make sure you
know what you are buying before you sign up to the agreement.
Loan Payment Protection Insurance has had a bad press recently, with people
being miss-sold the insurance. For example, the insurance may have been
sold to a self employed worker, but the insurance doesn't pay out if
a self employed worker finds themselves with no work.
Loan PPI's are not necessarily bad. They can give you peace of mind when
first taking out your loan, that the monthly installments will be met if
you get made redundant or have.
Make sure you check the terms and conditions of your policy
for details of the full cover provided.