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SpinDistribute.com Article Directory

The following article was published in our article directory on January 18, 2011.
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Loan Protection Insurance

Article Category: Finances

Author Name: Isabella Raize

Loan protection insurance also known as PPI payment protection insurance is a form of insurance designed to cover a debt that is currently outstanding when the policyholder becomes unable to pay the debt because of an accident or illness. To be eligible for this type of insurance, a consumer must meet the following criteria:

You must have a loan agreement in your name at the start date of the policy (exclude mortgage agreements).

You must be of legal age (18 years old) and must not have passed the statutory retirement age (65 for male, 60 for female) before the termination date of the policy.

You are actively employed and currently working (for no less than 16 hours a week) at the start date of the policy agreement.

You must be continuously employed at least 6 months prior to the start of the policy agreement.
Grounds for ineligibility include:
The loan agreement you are trying to insure is not in your name.

You have been aware of an impending illness, disability, or event that would cause you to be unemployed prior to taking out the loan protection insurance policy.
- Not having permanent employment and are casually, temporarily, or seasonally employed.
- The policy will also stop when:
- You retire or reach the age of retirement

You fail to pay the premium payment for more than 30 days or for the length of time stated in the policy.

You have repaid the loan insured or are no longer in debt.

There are also a number of exclusions, which may be included in your LPI policy. These can be:

Termination from your job due to misconduct or breach of contract.

Treatment for self-inflicted injuries, substance abuse, suicide, or any other treatment deemed not medically necessary (such as cosmetic surgery).
- Pregnancy without complications.
- Voluntary unemployment or early retirement.
- In order to claim, you need to be:
- Continuously unemployed for 30 consecutive days.
- Disabled (accident and sickness) for 30 consecutive days.
- Hospitalized for 7 consecutive days.
In need to take care of a family member for 60 consecutive days without interruption.

Loan protection insurance policies are usually tailored to help meet a monthly debt for a predetermined amount and cover loans for a short period -- usually from 12 to 24 months. The amount of the premium also varies, with the premiums increasing as the risks and the age of the insured go up.

It is important to note that LPI is not necessary in order to be approved of a loan. Some loan providers may lead you believe this or intentionally mislead you to think that your loan will not be approved without a loan protection insurance policy. In case you have been misled or have been misinformed to take out this policy, you can initiate a claim to recover your premiums by lodging a complaint directly to the bank or lender who sold you the policy. You can also avail of the services of a claims assistance company that will help you through the process of initiating a claim and recovering your premiums.

Keywords: reclaiming ppi premiums, benefits of reclaiming ppi, claim back loan insurance, claiming back payment protection insurance, compensation claims management, credit card payment protection, income payment protection insurance, loan protection insurance, mortgage payment protection insurance, ppi complaints process

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