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Insurance payment is useful in situations such as illness, accident or redundancy. There are two types of Payment Protection Insurance policies offered : Monthly Premiums and Single Premiums. The monthly premiums, unlike a loan, paid monthly. They can be terminated at any time and interests should not be added to the monthly payment. These products are slightly more expensive when provided by the lenders, even if they pay back a small amount. Single premium is generally designed for 36 or 60 months, and then transferred to the loan principal. Single premium policy can not be canceled in the meantime, because when the amount is paid, it becomes part of the loan. Credit card providing companies are likely to sell PPIs, in addition to banks and insurance providers. One should go through the PPI policy well, before getting into it. Because, there are so many issues related this payment protection insurance. Some people believe that, certain PPIs miss sell their policy to the wrong customers. Hence you should consider certain things before buying a PPI. Initially, the cost of the insurance policy must be taken into consideration. The Financial Services Authority (FSA) provides certain comparison tables, through which the best policy could be picked up. If you have enough policies to take care of your unexpected illness or accident, then this seems to be not needed.
There are some PPI policies, which do not help in certain situations, say they may not be applicable to self employed people. They also take into consideration about a particular health condition like back injuries and stress related problems. So such cases must be taken care of and only after analyzing whether the policy is relevant for you or not, and then go for it. The policy's duration for pay out must also be noted. There are some policies that cover the repayment of loans or credit for 12 months. There are also another conditions to be considered. The PPI must know about your accurate working details and other important details. Your yearly income has a lot to them and that is why it is properly included. After taking the payment protection insurance, make sure that the payment is recorded and understood. PPI prices vary and so it is best to shop around before taking a policy.