by Guest » Mon Jul 24, 2006 04:08 am
My colleague Donna had been telling me of a different form of insurance that might help towards my monthly mortgage repayment for a considerable period of time. Could anyone explain this insurance to me in a better way over here ? Is it true that the insurance company would be solely responsible for all the payments ?
thanks, Jerrin fernandez
thanks, Jerrin fernandez
Posted: Mon Jul 24, 2006 04:33 am Post Subject: get your Payment Protection Policy
hi Jerrin !
I would like to be very much clear in stating the right thing to you. Rest assured that this insurance would get you covered for a fixed number of repayments only. This is known as a 'Payment Protection Insurance' and is usually known to get you upto 12 repayments but for certain instances it is even upto 24. This means you'd be responsible for the remaining number of repayments.
But ofcourse you may continue claiming furthur repayments with a brief interval between each of your claims. Sasha
Posted: Mon Jul 24, 2006 05:19 am Post Subject: how do I go about it ?
Hi Sasha could you please suggest where it would be safer to buy it from !
I think when I last applied for a loan in January, I was offered some sort of a payment protection..is this the samething that you're talking about ?
take care,
Jerrin Fernandez
Posted: Mon Jul 24, 2006 06:29 am Post Subject: check it out !
yes my friend, you're quite right !
Insurers do offer you a sort of payment protection plan while opting for your loan. But you may take my words that you don't buy it from them. You'd definitely get to choose from amongst a number of agents, some of whom are also available online to you.
You must be assured as to whether it meets your specific needs, the cost effectiveness, the payment terms, its flexibility and the risks associated with it. Once all these factors have been considered only then you might arrive at the most desired choice. take care, Sasha
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