"payment protection insurance" - payment protection insurance (also known as PPI, protection insurance, credit, insurance, loan repayment, not to be confused with income protection cover or credit card) is an insurance product that is designed to cover a debt that is currently outstanding. This debt is typically in the form of a loan or an overdraft, and is sold by banks and other credit providers as an add-on for the loan or overdraft product. Usually covers the borrower against accident, sickness, unemployment or death, the circumstances that prevent them from earning a salary / wage which can service the debt.
payment protection insurance (PPI) usually covers the minimum loan (or discovered) payments for a specified period (usually 12 months). After this point, the borrower must find other means to pay the debt, although the period covered by the insurance is usually sufficient for most people to start work again and earn enough to pay their debts. PPI is different from other types of insurance such as homeowners insurance, it can be very difficult to determine whether it is appropriate for a person or not. careful assessment of what would happen if someone lost their jobs would have to be considered, such as payments in lieu of notice (for example) can make a claim while not actually eligible insured unemployed. In this case, the approach taken by insurers payment protection insurance (PPI) is consistent with that adopted by the Benefits Agency on unemployment benefits.
payment protection insurance (PPI) usually covers the minimum loan (or discovered) payments for a specified period (usually 12 months). After this point, the borrower must find other means to pay the debt, although the period covered by the insurance is usually sufficient for most people to start work again and earn enough to pay their debts. PPI is different from other types of insurance such as homeowners insurance, it can be very difficult to determine whether it is appropriate for a person or not. careful assessment of what would happen if someone lost their jobs would have to be considered, such as payments in lieu of notice (for example) can make a claim while not actually eligible insured unemployed. In this case, the approach taken by insurers payment protection insurance (PPI) is consistent with that adopted by the Benefits Agency on unemployment benefits.
