BIBA concerned that consumers and businesses will be hit by increasing insurance costs
The British Insurance Brokers’ Association (BIBA) is disappointed that the Government has announced increases to Insurance Premium Tax (IPT) in today’s budget. BIBA believes that the increases to the lower rate of IPT from 5% to 6% and the increase to the higher rate of IPT from 17.5% to 20% will serve only to add further financial pressure during the recession and discourage individuals and small businesses from taking out adequate and appropriate insurance protection. Eric Galbraith, BIBA Chief Executive, said: “This is a tax on protection,... Lire la suite
Payment Protection Insurance : summary
What does PPI cover? What the insurance covers will vary depending on the sort of repayments the policy is designed to protect, and on the terms of the particular policy. The following benefits are typical for different types of PPI cover: Mortgage – The insurance covers your monthly mortgage repayments for a set period of time. The maximum number of monthly repayments that the insurance company will make is usually 12, but it can sometimes be 24. This means that after this period you will have to pay your monthly mortgage repayments yourself. Credit... Lire la suite
Payment protection insurance : what you should know ?
Think carefully about the risks you could face while paying back a loan, mortgage or credit/store card and whether taking out PPI would be to your advantage. If you had an accident that stopped you from working, would you have enough money from other sources to be able to continue paying off the loan? Consider whether you have other insurance which already covers you (such as sick pay or death-in-service benefit through your employer), or whether other types of protection insurance may be more appropriate – see Protecting income or borrowing. ... Lire la suite
Payment protection insurance: what are the main features?
All policies are different, so always shop around and double check with the provider selling the product whether it includes the features you need it to. PPI is almost always optional – you should not normally be refused a loan if you decide not to buy it. If in doubt, ask your provider whether it is optional. PPI only pays out for a set period of time, usually 12 months. Bear in mind that many policies will not pay out for the first couple of months after you have made a claim and some may not backdate any payments. This may mean you... Lire la suite
Payment protection insurance: where might you get it from ?
You’re likely to be offered PPI by the company when you take out a mortgage or other loan or credit agreement, but you don’t have to buy it from them. You can: buy it yourself separately from insurance brokers, including over the internet; shop around to get the best deal for you; and compare the features and costs of PPI products using FSA comparison tables. PPI is useful, but you may not always want it or be able to claim on it when you need to. Read More →
