The purpose of Ppi 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 the loan or mortgage. Many incidents on which PPI has been mis-sold to people without disclosing the information that should have been disclosed before actually selling the PPI.
Considering the incidents with the mis-sale of PPI, it is important that one should know the things, which are necessary to be known about PPI before going ahead and purchasing the insurance. There are various conditions regarding the potential buyer of a PPI policy, which have to met so that a person might be eligible to purchase the policy. Hence, it is vital that these conditions always be clarified to the buyer of the PPI.
The first important thing that you ought request before signing up to be lent money is whether the PPI is part of the package or not. This crucial because there may be some insurance providers who will include the ppi calculator in 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 find out about in order in order to having the PPI mis-sold to you. When talking about getting a PPI, the provider has to disclose to you the fact that it is not needed that you get the PPI along with the loan in the same post.
It is possible you can find also get a PPI from a third party. This is something that should be told just before getting PPI. However, if they are told about it, you the right to claim.
People who are unemployed or self-employed are not eligible for the Payment protection insurance. Hence it is important that the provider should ask you about you’re and employment status. Up to and including certain age limit is actually eligible to get Payment protection 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 inquire related to these before you take PPI.
In PPI, there are conditions related to your medical condition with the policyholder and these conditions should be conveyed to the individual that is applying for your PPI. This information is important because it is related to the possibility of future illness, and that is a significant factor in PPI.