Internet and television advertisements portray payment protection insurance as a product of contempt for most consumers. In fact, PPI itself did nothing out of the ordinary to become infamous.
Bank employees are to blame for mis-selling the insurance policy through unscrupulous sales tactics. If they sold you insurance the right way, you could have had the following:
A Year’s Worth Of Coverage
PPI guarantees your mortgage or long-term financing receives repayments during your ASU (accident, sickness, unemployment) recovery for one year. Depending on your insurance policy, this could extend to even half a decade if you can afford it.
But a simple £3,500 insurance policy can give you all of these. Unfortunately, you were mis-sold such.
Healing Is Faster
Those vulnerable moments during ASU you can address quickly because PPI will handle all your finance work behind-the-scenes.
Truth be told, the bank employee’s logic (and probable advantage) in selling you the insurance policy was for these possible situations. A loan to be repaid more than 15 years can have so many things happening and if you’re not financially ready, you’ll have trouble.
The Choice Was Really Yours
If it weren’t for commission-hungry bank employees, you have a choice of having the payment protection insurance, and the type of payment protection insurance to have. Insurance policies, especially the specific type of insurance policy, couldn’t be used as a requirement as insurance policies work differently for one person to the other.