Explaining PPI
PPI is known by many names. PPI stands for payment protection insurance and is also known as mortgage protection insurance, loan protection insurance and credit protection insurance. The purpose of PPI is a more difficult to describe than what the acronym stands for.
PPI coverage is available to consumers when they apply for mortgages, auto or personal loans, or credit cards. The intent of the coverage is to provide consumers with peace of mind. In the event of an unforeseen circumstance such as an illness, accident or loss of job that results in a loss of income, PPI coverage can be enacted and funds made available to meet monthly payments. This assistance remains in effect until such time as the consumer is able to resume responsibility for the payments.
The design and intent of PPI coverage is to benefit and protect the consumer. However, in the last several years many lenders have mis-sold this coverage. Consumers have suffered financially due to this mis-selling. It is vital to know that PPI coverage is always voluntary. Lenders should never add coverage to a loan without a consumer’s knowledge or coerce a consumer into purchasing PPI coverage. And if this has happened, there are legal steps that you can take to get your money back.
PPI coverage can benefit you. Do your research and make the purchase that is right for you.
Read MoreGetting Help For a Mis-sold PPI
So your fears have been confirmed. After reviewing your loan agreement and asking a lot of questions, you’ve discovered that you’ve been mis-sold. Your lender sold you a payment protection insurance (PPI) policy in a manner that was unethical. You have something that you are paying for that is of no benefit to you whatsoever. So now what?
Lenders have come under fire over the last few years over the manner in which PPI policies were sold to consumers. There is nothing inherently wrong with these policies; the design and intent of them was always to benefit the consumer. The trouble came in when lenders started using unscrupulous tactics to sell the policies. People had policies added to their loans without their knowledge; premiums were simply rolled into the cost of the loan. Others were coerced into buying policies, being told that their loan acceptance depended on it. Still others were sold policies even though conditions in their lives made them ineligible to ever collect. The list goes on.
If you were one of these people, there is help available to you. Simply visit ppiclaims.org.uk for information on how to get started on the road to reclaiming your lost premiums – plus interest. They can help you get back what is owed to you.
Read More
The Value of Your Home Insurance
Everyone knows home owners insurance is a necessity, but in times of economic uncertainty, getting the best value from your policy is absolutely vital as well. Don’t let doing the easy thing lose you money. make sure you have only the best provider, giving you the best rate on your high value house insurance.
Owning a high value house comes with risks and pitfalls of it’s own. Upkeep to maintain a high property value isn’t easy. In the rush of looking for good housekeeping and landscaping help sometimes the last thing on your mind is high value house insurance, and maximizing the value you get from your policy.
Protecting your home with high value house insurance is as simple as protecting it from vandals or inclement weather, it simply has to be done in order to safeguard your investment. Do a little research, and make sure your provider is giving you the lowest possible rate and deductible to suit the insurance needs of your particular lifestyle and high value home.
Remember, the only way properly protect your high value home, is by keeping the right high value house insurance policy at all times!
Read MoreSearching for Lower Insurance Rates
With the declines over the years of term life insurance, you might want to consider dropping your older policy and shopping for a new lower-cost policy. But first, make sure the newer policy is the same coverage as your current one.
Also, take into account the fact that you were younger when you bought the policy you have now and your health status may have changed. A newer policy will certainly have a new contestable period. The word “contestable” is an insurance terms meaning that for the time period when something in your application, such as your health or your age, could be used to deny a claim. This is generally in effect for a year or so from the beginning of the policy. So when you apply for a new policy, you will then be subject to a new contestable period. For this reason, be sure to start the new policy before you end the old one.
It is more difficult to make comparisons to the cash value of life insurance. Life insurance is regulated by “State Insurance Departments” so it is advised that you contact the Insurance Department in your state to get a “replacement comparison” chart. With help from a representative of the new insurer, this chart can then be filled out.
Insurance Reviews
Occasionally an insurance representative will review your policy in an attempt to update beneficiary designation and to spot other things that may need to be updated. This is done as a service to policyholders and should not be seen as a way to sell you more insurance.
Gaps in your insurance could be found through this service and even things you could be unaware of like financial needs in another area. At that point, your agent can suggest ways to fill in those gaps. These reviews are a good thing and if you are happy with the insurance company and with your agent, you should welcome this service as a way to review your coverage.
If you would rather have an unbiased opinion, you can certainly hire an independent financial planner to do the review for you. In this way you will not feel as if you are obligated to buy more insurance. An independent agent will not be in a position to sell you anything. But, no matter who does the review, you can just make it known that you are under no obligation to make any purchases when agreeing to having the review.
Get the Best Deal on Insurance
Once that you have decided that you need life insurance, you should buy it as soon as possible because your age is a key variable when it comes to the price you will pay. To get the most from your hard earned dollar, term life insurance would be a good choice when selecting which type of insurance you will purchase.
Your employer might off group life insurance and this you should take into consideration also. In this way, your insurance could be bought at a lower cost because it will be part of a group and not just one person. If additional coverage is something you feel you will need, then consider getting a number of quotes. These can be found from online sites or from agents of other insurance companies.
Decide how long you want to coverage to be and then check rices for the length of times. If the amount of coverage you want will decline over time, then maybe you want to consider reducing your premiums by looking into a declining term insurance policy. One reason for a decline over time might be when it is intended to provide income for your kids or mortgage money and maybe other obligations.