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(PRWEB)
January 22, 2006 -- Rising unemployment figures* likely to prompt more
people to take out payment protection policies – but online financial
data service urges workers to read the small print – or risk being
turned down for claims.
GROWING evidence that more and more people are being turned down by
providers when attempting to claim on their payment protection policies
(PPI) has prompted a leading financial data service to issue a ‘severe
caution’ warning.
“We are experiencing increasing numbers of our site users having their
claims rejected, invariably because of technicalities arising from the
small print,” said Moneynet chief executive Richard Brown.
“Most vulnerable are the self-employed and short term contract workers –
many policies discriminate against this profile of worker, so it’s
crucial to check the policy details before signing up,” he advised.
“Mortgage Repayment Insurance insurance tends to be very popular at times of
economic uncertainty, and many people may feel panicked into taking out
cover with unemployment figures rising – but, when bought from High
Street lenders, this cover is expensive and the policies may not cover
all eventualities.”
Brown also warned against personal loan borrowers wanting to pay off
loans early – and then finding that their PPI cover is non-refundable.
“Many borrowers are obliged to pay up front for their PPI cover, and
then find that the insurance is non-refundable, which means that even if
a well- intentioned borrower wants to clear the loan early, he or she
will be out of pocket with the insurance premiums paid up front.”
*Official ONS statistics (Jan 18, 2006) showed unemployment rose for a
10th consecutive month to 5% and to a two year high.
Disclaimer:
All information contained in this press release, is for general
information purposes only and should not be construed as advice under
the Financial Services Act 1986.
Readers are strongly advised to take appropriate professional and legal
advice before entering into any binding contracts
Paymentshield Unemployment Insurance
Your mortgage is likely to be the largest and most
important financial commitment you will make. With this in mind you need
to be certain that you will have enough money to meet your repayments if
you lose you job (unemployment) or suffer an accident or sickness
(disability). Paymentshield unemployment insurance will protect your
monthly mortgage payments providing you are eligible to make a claim.
Paymentshield company
profile
In
November 2006, Paymentshield was acquired by Towergate, Europe's largest
independently owned insurance intermediary, and is now a sister company
of Towergate Partnership.
Their
general insurance products are only available through financial
intermediaries.
If
your financial intermediary is registered with Paymentshield and the
Financial Services Authority (FSA), they are able to access the latest
products and information.
Paymentshield also have a number of introducers, who can pass on your
contact details and have a member of the Paymentshield insurance team
call you back to discuss your insurance options.
.