Get help, advice and information on all your Finance issues. http://advice-and.info/Finance/payment+protection.htm Mon, 04 Aug 2008 15:35:57 GMT en Having to find the money each month to continue meeting your mortgage repayments if you lose your income would be a great struggle. While you could turn to savings to support the outgoings, these could very soon run dry. Relying on the State could also leave you stranded. Considering mortgage payment protection cover is a far better way. The State can give you help but only for the first 100,000 of the interest part of the mortgage. To be able to benefit from this you also have to qualify. You would have to be eligible to claim income support and not have a partner in full time employment living with you. If you had taken out the mortgage after October 1995 then you would have to wait for up to 9 months before you would see any help. http://advice-and.info/Finance/84018_Mortgage_Payment_Protection_Cover_Can_Protect_Your_Home.html Fri, 04 Apr 2008 03:12:21 GMT If you want peace of mind that you would be able to maintain your loan or credit card repayments if you lost your income, consider loan payment protection. Loan protection could give you a safety net on which to fall if you were to become unemployed. It would also protect against being unfit for work due to suffering illness or accident. You would have to wait a period before putting in a claim. You must be continually unfit or unemployed for between 30 and 90 days. Once the policy had commenced paying out it would then provide benefit for between 12 and 24 months. The income you would receive would be tax-free and would allow you to concentrate on recovery or to find another job. Peace of mind during this time is essential and loan payment protection can give this. http://advice-and.info/Finance/83806_Loan_Payment_Protection_Can_Provide_An_Income_That_Is_Tax-free.html Tue, 01 Apr 2008 12:09:10 GMT Despite what the high street lenders will have you believe you do have options when it comes to loan payment protection insurance. High street lenders try to push a policy alongside the borrowing. However, this can boost up the cost of a cheap loan by almost half again. A cheaper solution is to shop around with those who specialise in payment protection. A specialist will only deal in payment protection and as such, the products are sold with experience. High street lenders on the other hand sell a policy alongside their products with little knowledge of the product they are selling. Mis-selling of loan payment protection and related products was highlighted in 2005. The Citizens Advice brought it to the publics attention when they made a super complaint to the Office of Fair Trading. Following this, the Financial Services Authority investigated which resulted in several high street names receiving fines. http://advice-and.info/Finance/83653_Loan_Payment_Protection_Insurance_Know_Your_Options.html Mon, 31 Mar 2008 00:11:20 GMT Loan payment protection cover is one of a family of protection policies taken to insure against a loss of income. In this case, a policy would ensure you had the money needed each month to continue meeting your loan and credit card repayments. A policy would payout if the policyholder should become unemployed or if they had an accident or illness that kept them from working. The cost of cover varies depending on where you choose to take it. While the easiest option might seem to be taking the policy the high street lender offers, usually this is the most expensive protection. High street lenders often charge high premiums that can almost double the cost of borrowing. Independent providers will offer quotes that can be substantially lower. http://advice-and.info/Finance/83652_Check_Out_Loan_Payment_Protection_Cover_Independently.html Mon, 31 Mar 2008 00:04:18 GMT Mortgage payment cover is just one form of protection against losing your income. In this case, your monthly mortgage repayments are protected against you losing your income. It can make the difference between you losing your home or keeping it, as no one knows what is around the corner. A policy can be taken out to safeguard against the possibility that you could become unemployed due to such as redundancy. Alternatively, it can be taken out to insure that you would have an income if you suffered an accident or illness. If you wish to protect against all three then you can. Of course, the premiums will vary with the level of cover, your age and how much you wish to cover. http://advice-and.info/Finance/83651_Mortgage_Payment_Cover_One_Of_A_Family_Of_Payment_Protection_Insurance_Policies.html Mon, 31 Mar 2008 02:46:22 GMT Getting behind on your mortgage could mean that the lender would take steps to repossess your home. If you are unable to work or have been made redundant then this is the last thing you need to worry about. However providing you look into it, mortgage payment protection would allow you to continue meeting the repayments. A policy can be taken out to safeguard against the possibility that you might be made unemployed by such as redundancy sometime in the future. It can also be taken out to protect against being unfit for work due to suffering an accident or illness or it can be taken out for all three. The cost of the premium that is charged will be reflected on this. Other factors that determine the cost, is how much your mortgage repayments are and your age. http://advice-and.info/Finance/83590_Cover_Your_Monthly_Mortgage_With_Mortgage_Payment_Protection.html Sun, 30 Mar 2008 02:45:39 GMT Payment protection insurance (PPI) can be taken out to protect your future against the unknown. No one knows what is around the corner. If you should become unable to work, you would be left struggling financially. Protection can be taken out to cover against becoming unable to work due to accident or sickness. It can also be taken to insure against becoming unemployed due to such as redundancy. Payment protection insurance is a generic name for three types of insurance - mortgage protection, loan protection and income payment protection insurance. All three policies work by paying a fixed premium each month that is decided by how much you want to cover and your age. There will be a period of waiting which is usually between 30 and 90 days of being unemployed or unfit for work continually. Some policies can be backdated to the first day and they would then continue for between 12 and 24 months. http://advice-and.info/Finance/83589_Protect_Your_Future_With_Payment_Protection.html Sun, 30 Mar 2008 02:52:54 GMT If you were to suffer from an accident or became ill then you could be left struggling when it came to maintaining your mortgage. The same would happen if through no circumstances of your own you were to become unemployed. Mortgage payment protection insurance could give you the income needed to ensure you would be able to keep the roof over your head. A mortgage payment protection insurance policy can be taken out at the time of borrowing. However, by adding cover onto the mortgage with the high street lender you could be paying well over the odds. High street lenders are known to charge high premiums and a standalone specialist can knock hundreds off what could be a lifeline. Getting several quotes is essential as even with independent providers the cost of a policy will vary. The information that is given varies too. However, by going with a standalone specialist you are sure of getting the key facts. The key facts can contain exclusions and the terms and conditions of the policy, such as when it would begin and end. http://advice-and.info/Finance/83588_Protect_The_Roof_Over_Your_Head_With_Mortgage_Payment_Protection_Insurance.html Sun, 30 Mar 2008 02:44:40 GMT If you have loan, credit card or mortgage repayments to service each month then you could benefit from taking out payment protection cover. You could also benefit if you are in full time work and wish to protect your outgoings in general. Payment protection cover is a term that is used for a family of insurance policies. They include loan protection, mortgage protection and income protection. While they all do the same thing, which is to provide the policyholder with an income, they do so for different possibilities. http://advice-and.info/Finance/83583_Payment_Protection_Cover_Provides_Security_By_Way_Of_An_Income.html Sun, 30 Mar 2008 02:46:53 GMT Payment protection insurance (PPI) is an umbrella term that is used for loan payment protection, mortgage protection and income payment protection insurance. All three policies can be taken out for a premium each month. They will safeguard against the possibility that you might find yourself unable to work. This could be through suffering from an accident that leaves you incapacitated, illness or if you should become unemployed by redundancy for example. Typically the premium will be based on how old you are at the time of applying and how much you wish to cover. However, this can vary greatly. The cheapest quotes are given with a specialist independent provider of payment protection. While the high street lenders will usually offer the dearest quotes. http://advice-and.info/Finance/83582_Payment_Protection_Insurance_Can_Be_A_Lifeline_To_Keep_You_Afloat.html Sun, 30 Mar 2008 02:44:10 GMT Exclusions are the number one reason why individuals find themselves not being able to make a claim on their mortgage payment protection insurance (MPPI) policy. Often, they take out cover alongside the money they borrow, believing that the mortgage is dependent on buying protection. It might be true that the lender asks that you protect the borrowing, but you can choose to take out a policy that is independent of your mortgage. When cover is pushed alongside the loan often those selling it have very little experience in payment protection products. If the consumer is not aware that certain exclusions exist in a policy and these exclusions have not been explained at the time of buying, then protection could be useless to them. Some of the most frequent exclusions found in policies include if you work part time, are self-employed, suffer from a pre-existing medical condition or are retired. However, even these exclusions are not as straightforward as the sound. For example, if you are self-employed but have to cease trading on a permanent basis due to involuntary unemployment, a policy would cover you. In addition, the pre-existing illness exclusion would not apply if the illness had not resurfaced within the last two years. http://advice-and.info/Finance/79407_Ensure_You_Understand_The_Exclusions_Associated_With_Mortgage_Payment_Protection_Insurance.html Tue, 26 Feb 2008 18:27:38 GMT A payment protection policy is taken out by those who have credit repayments to make each month and who wish to protect those repayments. A policy can be taken out to cover against being unable to work if you should have an accident or get ill, or become unemployed through no fault of your own. However, there are certain conditions that could mean a policy would not benefit the individual. Due to the exclusions present in all policies designed to safeguard payments, you have to check the cover thoroughly before taking it out. Those individuals who suffer from a pre-existing illness, are of retirement age, only work part-time or are self-employed would certainly have to read the small print very carefully. The cover can be valuable and give a much needed income, but only if the policyholder meets the set criteria. It is also worth nothing that statistics show that only 4 of those who take out a policy actually claim on it. Furthermore, 25 of those who do make a claim find their claim rejected by the provider. You should also make sure that you are not covered for being unable to work by some other means. Around 85 of employers will actually offer much more than the statutory sick pay they have to pay out. Those who are extremely lucky will find their employers will pay out a full wage http://advice-and.info/Finance/79401_Check_A_Payment_Protection_Policy_Very_Carefully_Before_Buying.html Sun, 24 Feb 2008 23:04:57 GMT Mortgage payment protection insurance (MPPI) can give a lifeline to those who have monthly mortgage repayments to make and fear they could lose their income. If you should become unemployed, such as by redundancy, or were to have an accident or get ill and be unable to attend your job, you could be left struggling. Not being able to find the money each month to continue making your mortgage repayments could mean you lose your home. Homeowners who rely on the state stepping in and providing an income could be in for a shock. In order to be able to get help you have to fit certain criteria, and this usually means you have to be claiming income support. Even if you do receive help, the state support provided only goes towards the interest part of your mortgage. In the majority of cases you could also be waiting a long period before seeing any money. If you want peace of mind and security, and providing a policy is suitable, then taking out a protection policy to cover your mortgage payments could be a better choice. http://advice-and.info/Finance/79399_Be_Wary_Of_Where_You_Buy_Your_Mortgage_Payment_Protection_Insurance.html Sun, 24 Feb 2008 07:29:27 GMT Mortgage payment protection cover can be a valuable product to have in your corner if you should find yourself incapable of working. Losing your income through accident, illness or unemployment could leave you struggling when it comes to the financial commitments of your mortgage. However, if you would be eligible to claim against a protection policy then payment protection for your mortgage could provide you with a tax-free income. You do have to make sure that the exclusions found in all payment protection policies would not stop you from claiming. Suffering a pre-existing medical condition, being retired or self-employed, or not being in full-time employment could stop you from being eligible. These are just some of the reasons frequently found in a policy and providers can add in others. With this in mind, it is essential that you compare not only the quotes but also the terms and conditions. http://advice-and.info/Finance/79398_Shop_Around_For_Mortgage_Payment_Protection_Cover.html Sun, 24 Feb 2008 07:19:35 GMT