04:01 16 September 2013
Payment Protection Insurance (PPI) is the best way to secure your debts. Just like any other insurance, it can be contracted from a private financial company and it covers your monthly debt payments in case you fall sick or become unemployed. You should look for a PPI when you have a major loan, such as mortgage or car loans that are fixed for longer periods of time. When the PPI becomes effective, it can either pay the full monthly debt or just a part of it, to help you through the transition period. Here are some of the major advantages and disadvantages of the PPI:
While the PPI is in most cases a good way to secure your debts, you have to read through the terms of the insurance very careful before applying for it, in order to make sure that it's the best solution for your particular case.
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