If you are unable to pay your mortgage, credit card bills, an auto loan or some other loan, it can severely damage you financially. You could ruin your credit score or, even worse, be forced to file for bankruptcy. There is a way to insure your payments so they will be made for you if you can't. It's called payment protection insurance, and there are a number of situations in which you may need it.

 

What is PPI?

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PPI is a type of credit insurance that lenders offer to ensure payments get made on your account if you can't make them. Mortgage insurance that you may have to pay for if you get a loan with a low down payment is a type of PPI. Credit card companies and other lenders often offer PPI as an additional voluntary product, and some even offer it as a free add-on.

 

When might you need a PPI check?

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PPI is like any other insurance: it tends to not be worth anything until you need it. If you have to pay premiums from PPI and you never have to use it, then it may seem like a waste of money. But if you do need it, the product easily pays for itself. One situation in which you might find yourself needing PPI is if you are injured and can't work. If you have disability coverage or the injury is covered by workmens comp, you may get some income, but it may not be enough.

 

PPI would kick in and cover payments. A serious illness that keeps you from work is another instance when a PPI check can come in handy. If you lose your job and can't make payments, the insurance also might kick in and cover them for you, although it could depend on the circumstances. To get free PPI check come visit our site.