Payment Protection Insurance from Insurance Central

Payment Protection Insurance from Insurance Central
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   About Payment Protection Insurance ( PPI )

About Payment Protection Insurance ( PPI )

What payment protection insurance covers varies depending on the sort of repayments the insurance policy is designed to protect, and on the terms of the insurance policy. The following types of payment protection and benefits are typical for different types of payment protection insurance ( PPI ):

Mortgage Payment Protection

This payment insurance covers your mortgage repayments for a set period of time. The maximum monthly repayments that the insurer will make is usually twelve but it can sometimes be 24. This After this time period you will have to pay your monthly mortgage repayments yourself. You can normally make more claims later on but there must always be a gap between them.

Credit and store cards Payment Protection

This Insurance will usually pay off a percentage of your outstanding balance or the minimum payment every month for up to a year. Check the options being offered. You may have to pay any balance left after this time and you may be able to claim again on the policy after a period of time.

Loan Payment Protection

This insurance will cover monthly repayments for the loan usually for twelve or 24 months. After this time period you will have to pay your monthly loan repayments yourself. Once again as with mortgages you may be able to claim again on the policy after a certain time period.

If the payment protection insurance for these products contains life insurance, then that insurance cover will usually pay off the balance of the debt covered if you happen to die. If the insurance claim is for disability, the monthly repayments may be paid to the end of the life of the loan.

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