Insurance products are definitely something to invest in. While they might be costly, the benefits they provide are indeed very useful. Insurance protects you from suffering from financial damages should such specific situations arise in the future. However, if you haven’t had any use for an insurance, you wouldn’t purchase it right? In the United Kingdom recently, millions of UK citizens were mis sold PPI by their very own financial advisers, leading to the mis sold PPI crisis.
PPI or payment protection insurance is indeed a beneficial product. Many complain not about its function, but only because of the way it was sold. PPI can provide 12 months of repayments for loans, mortgages and credit cards in case the customers find themselves having financial troubles. They can lose wages if they take time off from work to recover from accidents and sicknesses. If they get unemployed during their loan repayment term, the PPI can provide for their repayments. The PPI only requires that the customer purchased the insurance in good health and having a stable employment. They should also be within the claiming age upon the insurance’s maturity.
Insurance brokers, bank representatives and other financial advisers working on a commission basis often present the PPI as something useful for customers. While any customer might have a use for PPI, not everyone can comply with its requirements. However, to make a sale, the financial advisers played with the trust of their customers. Agreeing that they might really need the insurance based on the financial adviser’s judgment, the customer just lost thousands of pounds paying for an insurance policy they can’t make use of.
You can still reclaim PPI your repayments through a PPI claim. However, you’ll need to ensure that you work with a claims expert to ensure the success of your claim. Making a claim might take much time and effort, but having an expert work with you can make the task easier. It also allows you to avoid counter-claims due to legalities. Most claims handling companies offer their services under a no win no fee basis.