If you have had a home loan and were given a Personal Protection Insurance, you may have heard something about a Personal Protection Insurance check.
What is a Personal Protection Insurance check and are you eligible to get one?
What is a Personal Protection Insurance check? -- Several years ago, when people took out a home loan, they were also often sold something called Personal Protection Insurance.This type of insurance was sold to people in an effort to make sure they were insured if they could no longer afford to make their mortgage payments.
The problem with Personal Protection Insurance is that it was oversold, mis-sold and sold to people that should never have been paying for it in the first place. Especially if they would not ever be able to claim on the insurance policy, or if they were already insured for the same eventuality through a different policy.
This has led to law suits being filed, and tens of thousands of people now asking for their money back.
What is a Personal Protection Insurance check? -- This is a check you would receive if you applied for a refund of your Personal Protection Insurance and were granted it. The refund can be up to the entire amount you paid into your Personal Protection Insurance policy, as long as you have applied for that high of a refund.
How to get a Personal Protection Insurance check? -- You can either apply for it yourself, or you can pay a service to apply for it for you. It is up to you as to what you decide to do but, if you use a service, you will lose a percentage of the money that is due to you as a commission to that service.
View detailed information at free check for PPI.
What would happen to bills you have, such as credit card bills, if you were injured or ill and couldn't work? You could pay them out of savings, if you have enough money. If you don't, you might be forced to file for bankruptcy, which could ruin your credit score. An alter native is to carry payment protection insurance, or P P I.
What is Payment Protection Insurance?
Payment Protection Insurance is a type of supplemental insurance that is specifically there to help you financially if you are unable to work due to a health issue. There are a couple of different kinds of Payment Protection Insurance. One is a straight supplemental insurance policy, which provides you cash to use as you see fit if you have a qualifying illness or injury.
Another type of Payment Protection Insurance is specific to a certain account. For example, you may have a credit card that offers you Payment Protection Insurance. In that case, the Payment Protection Insurance policy would only cover payments on that account but would not pay for any other expenses you have.
Do you need Payment Protection Insurance?
Whether or not to carry a Payment Protection Insurance policy is a very personal decision. If you have the type of job where you are unlikely to sustain an injury that would prevent you from working, then it's probably not necessary. You also may not need it if your job offers disability insurance.
Payment Protection Insurance is a good benefit, though, for people such as construction workers, who could face injury at work and who may not have other benefits such as paid sick leave or disability leave. Workmen's comp may cover you if you are hurt on the job, but if you get in a car accident, for example, and can't work, then your Payment Protection Insurance would kick in and help you pay bills until you can get back on your feet.To get a free check for PPI come visit us.