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Payment Protection Policy
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI was widely sold by banks and other credit providers as an add-on to the loan or overdraft product. PPI usually covers payments for a finite period, typically 12 months, in which case they might be marketed as short-term income protection insurance (STIP). For loans or mortgages this may be the entire monthly payment, for credit cards it is typically the minimum monthly payment. After this point the borrower must find other means to repay the debt, although some policies repay the debt in full if they are unable to re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Protection Insurance
Income Protection Insurance (IPI) is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the United Kingdom, paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident. IPI policies were formerly called ''Permanent Health Insurance'' (PHI). The same concept is instantiated in the United States as disability income insurance (disability insurance). A study by British insurer Legal & General Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and asset management company headquartered in London, England. Its products and services include investment management, lifetime mortg ..., entitled Deadline to the Breadline Report 2014, found that only 8% of UK households have income protection insurance. Further work to bring the topic into the public domain appears in the 7 Families project. References {{Insurance Personal finance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |