Summary:

The Post Office has entered the PPI market. They are offering ( loans ) competitive rates, but are they the cheapest?

(cheap car insurance)

Protect your lifestyle

Author: Dot Piper

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PPI stands for payment protection insurance. The PPI market is vast, and in the past eight years it has grown from being worth £2bn to £6bn to providers.

A PPI policy is intended to cover repayments for you in the event of ( remortgages ) accidents, sickness or unemployment. It is sometimes referred to as ASU cover. They are normally used to cover credit card, personal loan and mortgage obligations and usually provide benefit for people who are unable to work for any of the above reasons for a period from 30 days up to a year, or the time they are able to return to work. (cheap car insurance)

This type of insurance has been heavily criticised and there are extensive concerns regarding miss-selling and variable terms and conditions. The policies are subject to an Office of Fair Trading investigation at present

Cost of PPI cover can vary tremendously. Borrowers can find themselves paying more than triple for their loan when PPI is added. As an example, if you borrow £10,000 over a 5 year period with one of the major banks, the normal cost would be £11,114.40. PPI ( home insurance ) would increase this to £16,114.40. This would mean an APR increase from 6.4% to 22.7%! Policies have also been sold to people who would gain no benefit from them whatsoever- for instance people who are self-employed or short-term contractors. (best loans)

The Post Office is now getting in on the act and have come up with ( cheap car insurance ) what they say is an alternative to the pricey PPI policies on offer from banks and lenders. They say this is a response to the negative attitude regarding whole PPI business. Their Lifestyle Protection policy is a "standalone" product, and will ensure your repayments on a loan from any companies personal loans and credit cards. There will be a monthly repayment of up to £2,500 for up to 12 months if you are incapacitated due to injury or illness, or are out of work. There is some element of life cover, but this is small. Also, unusually, the cover extends to back injuries and stress, subject to the normal medical investigations and evidence.

The policy is underwritten by Axa. Although welcoming their entry into the PPI market, a concern of the British Insurance Brokers Association seems to be that the policy can be withdrawn at 30 days notice under its terms and conditions. Normally policies offer 180 days, or more, notice. Consumers could be left without cover with very little warning. Their feeling is that it would have better had Axa and the Post Office offered a five-year non-cancellation clause which is now extensively available with other policies.

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