I without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be eligTaking out Payment Protection Insurance (PPI) should protect your ability to maintain loan repayments, in case of sickness, involuntary unemployment or an accident, and so help you avoid falling into debt. It can provide cover and peace of mind against any unexpected changes in your personal circumstances, when taking out a loan or mortgage. It is important, however, to realise that it is optional, and that the wrong PPI can cost you a lot more money than it should.

Many of us are not aware that you don't have to take insurance cover from the lender who is providing your loan. There is a huge variation in the cost of PPI policies and independent 'stand alone' insurance companies can often be much more competitive. The insurance coverage the independent insurance companies offer is not linked with the loan. Some lenders describe the loan they offer as 'protected', so it is important when taking out a loan to not only check the interest rate, but whether the total repayment figure quoted includes insurance cover. Some PPI policies can add as much as ?1,500 to a loan of ?5,000.

Unfortunately, there are people who sign up for PPI without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be eligi

onal circumstances, when taking out a loan or mortgage. It is important, however, to realise that it is optional, and that the wrong PPI can cost you a lot more money than it should.

Many of us are not aware that you don't have to take insurance cover from the lender who is providing your loan. There is a huge variation in the cost of PPI policies and independent 'stand alone' insurance companies can often be much more competitive. The insurance coverage the independent insurance companies offer is not linked with the loan. Some lenders describe the loan they offer as 'protected', so it is important when taking out a loan to not only check the interest rate, but whether the total repayment figure quoted includes insurance cover. Some PPI policies can add as much as ?1,500 to a loan of ?5,000.

Unfortunately, there are people who sign up for PPI without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be elig

ng your loan. There is a huge variation in the cost of PPI policies and independent 'stand alone' insurance companies can often be much more competitive. The insurance coverage the independent insurance companies offer is not linked with the loan. Some lenders describe the loan they offer as 'protected', so it is important when taking out a loan to not only check the interest rate, but whether the total repayment figure quoted includes insurance cover. Some PPI policies can add as much as ?1,500 to a loan of ?5,000.

Unfortunately, there are people who sign up for PPI without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be elig

as 'protected', so it is important when taking out a loan to not only check the interest rate, but whether the total repayment figure quoted includes insurance cover. Some PPI policies can add as much as ?1,500 to a loan of ?5,000.

Unfortunately, there are people who sign up for PPI without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be elig

I without realising that the policy won't pay out if anything goes wrong with their payment ability, for instance, the self-employed are often excluded from claiming. Some companies do not assess the customer's suitability adequately. You need to check that you fit the criteria to be eligible to make a future claim, or that you do not already have protection that means you do not really need this insurance. If you decide to take out Payment Protection Insurance carefully check all the exclusions, especially if you have an existing medical condition or you have been off work recently, it is important to check the small print. Some policies provide only very limited cover. You also need to be aware of any cancellation penalties should you decide to cancel the policy early.

You can save yourself money by just taking the time to compare insurance policies available. Don't be tempted to take the first one available - checking online can take only a matter of minutes and it's as easy to get free quote as you do for a Loan. It pays to shop around - don't pay the price of apathy, it's your hard-earned cash!