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| Payment Protection Insurance Claims |
Payment protection insurance is an insurance plan which covers the debt in case you are unable to pay it back. The reasons for being unable to pay back a loan may be many like the person responsible for the payback lost his present job, he is unable to work because of an illness or he met with an accident or even death. Such insurance policies are sold by banks and loan companies when a loan is taken, or by other credit agencies on purchasing anything.
A right payment protection plan purchased at the right time renders your peace of mind. There are various such plans designed according to their coverage areas and terms of validity. Any person can take the advantage of having such policies to make payment protection insurance claims whenever required but certain factors can make you ineligible for it like if you are unemployed, retired, a student or in a bad health, you may not be entitled for such services. These decisions of eligibility are solely based upon the terms and conditions of the different insurance companies.
There has been enormous number of cases in which a wrong or inefficient policy is sold to a person. There can be many reasons for it like the salesperson not telling you all the policy details, insisting that it is compulsory to take the insurance policy from the same company who sanctioned you the loan or stated that loan could be more expensive if insurance is not taken. Most common reasons are due to misguidance and lack of knowledge.
The key to get the best payment protection insurance claims is to know what you need and what you are getting. You always have some priorities which must be covered under your plan. Note down these things and ask the policy provider if these are covered under the plan he is offering. These insurance claims are desired to have a term which is equal to the term of your loan. If it is shorter, then you should ask the salesperson to offer you some other option with a longer term. In case of a joint loan or a loan taken by more than one person, the insurance is also required to have the names of all the people taking loan.
You will get an idea of what all is covered under the policy being offered from the questions asked by the salesperson. For instance if he asks you about your present health, the policy covers health issues. Generally when people make claims for health related issues, they are asked whether the issue existed when they purchased the policy. If any similar issue is found to exist earlier, the person is stated ineligible for the claim. Other things such as employment status are also very important to be checked because there are different covers for people working with firms and self- employed people. If you are not working or going to retire from your job soon, then there is no need for an employment cover.
Taking the correct decision for getting an insurance plan is very important and should always be taken under the expert’s supervision. If you realize that you are having the wrong protection policy, you can complain to the insurance company.
A right payment protection plan purchased at the right time renders your peace of mind. There are various such plans designed according to their coverage areas and terms of validity. Any person can take the advantage of having such policies to make payment protection insurance claims whenever required but certain factors can make you ineligible for it like if you are unemployed, retired, a student or in a bad health, you may not be entitled for such services. These decisions of eligibility are solely based upon the terms and conditions of the different insurance companies.
There has been enormous number of cases in which a wrong or inefficient policy is sold to a person. There can be many reasons for it like the salesperson not telling you all the policy details, insisting that it is compulsory to take the insurance policy from the same company who sanctioned you the loan or stated that loan could be more expensive if insurance is not taken. Most common reasons are due to misguidance and lack of knowledge.
The key to get the best payment protection insurance claims is to know what you need and what you are getting. You always have some priorities which must be covered under your plan. Note down these things and ask the policy provider if these are covered under the plan he is offering. These insurance claims are desired to have a term which is equal to the term of your loan. If it is shorter, then you should ask the salesperson to offer you some other option with a longer term. In case of a joint loan or a loan taken by more than one person, the insurance is also required to have the names of all the people taking loan.
You will get an idea of what all is covered under the policy being offered from the questions asked by the salesperson. For instance if he asks you about your present health, the policy covers health issues. Generally when people make claims for health related issues, they are asked whether the issue existed when they purchased the policy. If any similar issue is found to exist earlier, the person is stated ineligible for the claim. Other things such as employment status are also very important to be checked because there are different covers for people working with firms and self- employed people. If you are not working or going to retire from your job soon, then there is no need for an employment cover.
Taking the correct decision for getting an insurance plan is very important and should always be taken under the expert’s supervision. If you realize that you are having the wrong protection policy, you can complain to the insurance company.
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