This insurance covers people's finance agreement repayments if they cannot work because of long-term illness or redundancy.
A type of insurance that pays your loan for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. Most non-mortgage PPI products are taken out for a length of time that corresponds to the life of the loan it is protecting.
Payment Protection is an insurance policy to cover your loan repayments should you be unable to pay them yourself due to sickness, injury or involuntary unemployment. It can also pay off the remaining balance of your loan, in the unfortunate event of your death.
An insurance policy designed to protect and enable you to still make your monthly repayments if you are unable to work as a result of sickness or an accident.
This is an additional, optional, payment that you can make to cover you in circumstances where you are unable to pay your loan payments. These circumstances can include: unemployment, serious illness, inability to work, disability after an accident, or even death. The amount of pay out and the duration for these pay out differs between finance companies and their insurers, so make sure you read the conditions before you take out payment protection insurance.
Policies can vary from lender to lender. Normally PPI offers protection against sickness, accident and redundancy for a limited period of time. When policies are sold alongside a loan, the premium must be shown separately. Stand alone policies can be bought through brokers or directly with insurers and normally offer better value than policies sold alongside loan agreements.
A type of insurance which pays the loan repayment if a borrower becomes unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability.
This is a method of insuring yourself in case you cannot make repayments due to illness or redundancy. You should note that most schemes only cover you for a certain length of time, typically one year.
Credit insurance that provides life insurance which pays a lump sum toward a personal loan or line of credit upon the death of the borrower or co-borrower. Also, disability insurance for the primary borrower that pays monthly benefits toward the loan or line payment when life insurance is also purchased.
Insurance which can be taken with a mortgage or remortgage to help borrowers to make mortgage or remortgage repayments in the event of inability to work as a result of involuntary unemployment, illness or disability.
Insurance which can be taken with a loan to help borrowers to make loan repayments in the event of redundancy, illness or disability.
See Accident, Sickness and Unemployment Insurance.
A policy that covers Life, Accident, Sickness and Unemployment. These terms vary between lenders.
This insurance offers valuable peace of mind by covering your mortgage payments if you lose your income because of an accident, illness or unemployment. Well worth considering.
This covers the payments of your loan in the event of unforeseen circumstances that affect your regular income such as ill health or job loss.
An additional monthly insurance premium, based on the outstanding balance on a credit card, that provides a cardholder with protection in the event of illness, disability or unemployment. Cardholders should always check that this sort of product is appropriate to their personal circumstances.
a policy that covers credit card debt should the cardholder lose his job, die or become disabled. The cover normally refers to the debt that existed at the last billing cycle.
An insurance product that will repay the outstanding debt on a mortgage if the borrow is unable to repay due to a number of specific problems – ill-health, business failure or death.
Payments can be 'protected' by paying a small additional premium which means that your monthly installments will be paid for you if you cannot work through illness or redundancy.
Payment Protection Insurance (PPI) is a type of insurance that provides an income to maintain a borrower’s debt repayments in the event of an accident or sickness that prevents them from working, or unemployment.