Loans - PPI Perils

With the credit crunch affecting everything from loans to mortgages, many will no doubt have some worry about their finances. More specifically, how much of said finances will be covered should something happen to them.

When you apply for loans or credit cards, you may find that you're asked if you want to purchase additional policies on top of what you're borrowing. These protection policies offer a safety net, acting as a kind of insurance policy against your earnings and balance.

Payment Protection Insurance (PPI) is one of the most common types of insurance available and usually available upon applications for loans and credit cards. PPI will help to cover payments should you run into difficulties with affording payment - such as accidents, long-term sickness or unemployment.

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PPI is also available as an additional policy on mortgages - where it is known as MPPI - and can provide a safety net for such scenarios as unemployment or sickness. These policies are usually available through the mortgage company you purchased the property rather than from the company you purchase homeowner loans from - and normally have a fixed price, regardless of age, sex or occupation.

Income insurance works in much the same way as PPI, offering the chance to cover payments for up to 12 months should you lose your job. Rates can vary on such policies, and are usually calculated depending on your monthly income; however some policies will offer different levels of protection.

Policies usually have strict criteria; which can depend on factors such as how many hours you work per week or even your age bracket.

For many who take out unsecured loans and mortgages, PPI provides the chance to add a degree of security to their policy. Many policies will be available for a small monthly fee, which is usually calculated depending on how much you have borrowed or are allowed to borrow - in the case of credit cards.

PPI can also be sold under a range of different names, such as Income Protection Insurance, so before agreeing to secure one against personal loans and credit cards, it's best to research such policies, don't be afraid to ask for advice from a financial advisor and if you're unsure of such policies just say no. Many companies will offer the chance to add such a policy at a later date, so sometimes it's better to be safe than sorry.

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