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News

PPI Has More Merit Than 'State Safety Net', Claims Insurer

The Fraser of Allander institute based in Strathclyde University this week made the forecast that up to 126,000 jobs would be lost in Scotland due to the emergency budget, with those north of the border being hit the hardest.

The idea of those suffering from these cut backs being looked after by the state is an ‘out-of-date’ idea, though, according to Mr Roger Edwards, the proposition director at Edinburgh insurers Bright Grey. Mr Edwards noted that the public should be aware that ‘the level of state benefit is very low and will only serve to stop [the policy holder] from starving.’

Despite the huge amount of controversy generate by the mis-selling of PPI insurance by financial institutes, and the confusion that PPI Law and Rules consequently created, this doesn’t necessarily mean that PPI is completely without merit.

In the event of a policy holder suffering unemployment or injury, PPI will payout over a period of twelve or twenty-four months. The main purpose of this is to cover mortgage repayments (MPPI’s), but it is also possible for PPI to cover such things as credit card repayments or loans.

However, it is worth examining PPI Law and rules taking out this insurance. One of the main points worth noting is that the ban on PPI being sold at the point of taking out a loan or mortgage has meant that it is possible to now shop around before purchasing, meaning the policy holder can obtain PPI for far less per month than if they purchased directly from the seller. British Insurance, for instance, offer a £500 per month payout policy from as little as £20 per month, whereas the same cover would cost £34.60 per month from More Than.

Policy holders should always make sure that the PPI Insurance covers their situation, though, as some policies may not pay out to those over 65, or those that cannot work because of stress or back pain.

For more information on PPI laws and rules, and how you could potentially reclaim up to and over £10,000 in reclaimed PPI payments, fill in the Credit Line Contact Form by following this link now.

Posted by Shaun Edwards on 06 Jul 2010

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