Search Please enter a search term. Helpline: 01 Sign up for regular updates on your consumer rights, personal finance and product safety. Your Email: Subscribe. Subscribe to our Newsletter. PPI is not readily available in Ireland today, with very few financial institutions offering it. For example, if you are out of work due to an illness that is not covered by the policy, then you will be unable to make a claim.
Some policies pay out if you are made redundant but on certain conditions, for example a policy may not pay out if you take voluntary redundancy. Speak to your lender: if you are unable to work and wish to make a claim on your PPI, contact your lender to discuss the next steps. You may be requested to complete a claims form. In this instance, an income protection policy may be more suitable.
These require a medical assessment, and can be more expensive than a mortgage-linked policy. There are some other critical features of mortgage protection insurance you need to be aware of. There is usually a period you that will need to be off work for in order to make a claim — typically ranging from 30 days to days.
The longer you wait, the cheaper your policy will be. What you do for a living will affect the price you pay. Office workers will be cheaper to insure, and those working in construction or manual workers will be more expensive to insure. You are not typically covered for pre-existing medical conditions that have recurred in the 12 to 24 months before taking out the policy. There will be other medical exclusions, so ask your broker to explain these to you.
I would also suggest taking out some life insurance, which covers the size of your mortgage. You can set this so that the amount of cover you have reduces as you repay your mortgage decreasing term cover. Getting compensation can be a quick and easy — and there is no need to use expensive claims handling company.
Reclaiming mis-sold payment protection insurance can be a quick and easy process. If you took out any kind of consumer loan, store card, credit card or mortgage in the s or s, you may have been mis-sold PPI. Go back through all your old loan and mortgage statements and check for any mention of an insurance to cover your payments if you lost your job through accident, sickness or unemployment.
Many lenders will now tell you if you call them up to ask whether you had PPI. Was the fact that the insurance was optional made clear to you? Were you even aware you had it?
0コメント