Payment Protection Insurance (PPI) has suffered some very bad press over the last couple of years with a misselling scandal in the UK that has so far cost the banks and building societies over thirty billion pound in compensation claims payouts.
There is absolutely nothing wrong with PPI as a product as long as it is sold with integrity to those people that it actually covers. This is why it makes sense to seek the advice of a payment protection agent when purchasing or evaluating PPI covers, so that you buy a policy that is right for your individual circumstances.
The primary role of a PPI agent is to provide service to his customers, no matter whether the agent is online or at your door. This means explaining all the various types of protection policies that are available and the differences between the various covers and policy options.
One of the reasons that PPI has got a bad name is because of the many guises and variations on a theme of covers and products that exist. For example an agent will have access to income protection insurance, mortgage payment protection insurance, credit card insurance, loan protection insurance, accident insurance, unemployment insurance and redundancy insurance, to name but a few, and a good agent should help you decide which product is appropriate for your needs.
Within these various protection plans and schemes there is a lot of jargon that a good agent should explain. Missellling can be avoided if both parties understand the limits and exclusions to cover. Product terminology such as back to day one cover and exclusion clauses should be clearly explained.
An agent should also have access to more than one scheme or plan and be able to compare quotes for you from a large market to find a competitive premium at the right cover levels. They should be able to offer quotes that are valid for thirty days and have a fourteen day cooling off period if you decide to change your mind once you have agreed to buy the policy.
Moreover, service from insurance agents and insurance brokers is often measured in the quality of the aftercare provided, particularly if you need to make a claim. The PPI agent should be available to advise and communicate with the underwriters on your behalf and ensure that you get the benefits for which you have paid the premiums.
When looking for a protection insurance policy, it is wise to do your research online. Many agents now provide online calculators and quote systems so it is a fairly quick process to get some comparative prices from several protection insurance agents websites.
When purchasing PPI online, it is wise to buy from established agents and underwriters for loan, mortgage protection insurance or income insurance. Independent suppliers such as British Insurance or Personal Accident offer very competitive premiums when compared to banking products.
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