Insurance policies are an important investment, given the amount of coverage these provide to those who avail of these. Unfortunately, there are unscrupulous people who seek to take advantage of the community’s need for financial security by coming up with bogus policies or rules in which those who buy these find themselves at the losing end of the bargain. Payment protection insurance or PPI is one of the types of insurance that are notorious for being mis-sold, and as a result, what started out as a good way to protect consumers from unforeseen circumstances that threaten their financial security ended up as one of the most mistrusted types of insurance in existence.
The checklist to help you determine if you have been mis-sold PPI:
- Are you 18-65 years old? Only those who are within this age range are covered by PPI.
- Did the adviser explain in detail what the PPI actually entails? If the adviser did not see fit to inform you about the cost of the policy and how much coverage it gives, it’s already a hint that he or she is attempting to sell you a bad policy.
- Do you have any pre-existing medical conditions? If the adviser did not ask if you have pre-existing medical conditions, then that could be a sign that he or she is attempting to sell a bad PPI policy to you, because a lot of these do not actually cover this issue.
- Did the adviser tell you that PPI is mandatory? PPI is in fact optional, and people can always opt not to buy it.
- Did they offer you the PPI the same time as when you are making your loan? It is during these circumstances that PPI is typically mis-sold. Nowadays, there’s a policy wherein PPI should be bought a period of time after the loan is made, to prevent people from being hoodwinked into buying mis-sold policies.
- Do you have a steady job? Are you self-employed? Most PPI policies actually do not cover self-employed individuals, since their incomes are usually not stable, compared to those who are employees to companies.
If you find yourself buying a mis-sold insurance policy, take the necessary steps to claim your money back by logging on to www.ukppiclaims.org.uk today