Payment Protection Insurance
If you live in Great Britain, you probably have PPI, or payment protection insurance. This type of insurance protects you if you ever become unable to work due to illness or disability, which would otherwise severely impact your quality of life. PPI is important because if you can’t work, you won’t be able to meet your financial obligations, such as paying bills or buying necessities. Payment protection insurance helps with your mortgage, your auto insurance, and other bills, to make sure that you and your family are supported during a time of crisis.
How to File a Payment Protection Insurance Claim
Before you start filing a claim, consider your individual situation and your needs, in order to figure out what you want to get out of a claim. Bear in mind that even if you have PPI, there is no guarantee that every claim will be accepted for payment. Your claim might also be sent to another office to be audited, which takes more time and leaves you responsible for your own finances until the claims process is complete. You should always be working on a backup plan. Find an online ppi claims calculator at the following website: http://www.ppiclaimscalculator247.co.uk.
Provide all of the information to your claims handler in an efficient and professional manner. Everything should be as organized as you can get it. The easier and faster your claim is to file, the more likely it is that your claim will be approved, the faster your claim will be processed, and the higher your potential payment is going to be at the end. Help them to do their job and they will help you out in return.
You might consider hiring a private firm to file your claim for you, especially if the reason you can’t work makes it difficult to fill out paperwork or talk on the phone. Once you’ve handed off all the relevant information to a private firm, you can relax and recuperate while they do all the work. Make sure to choose a firm that takes their fees out of your payment, not one that takes payment up front. This is less expensive for you and also ensures that the company is motivated to help you get a good settlement.
The only time you would have to pay a claims filing service out of pocket is if you are submitting a frivolous claim that cannot or will not be processed by the insurance company. Since there would be no hope of collecting from the insurance company in that case, the filing service would charge you instead. Some firms also charge the consumer if the process is started and then canceled after more than two weeks have gone by, since the company has already expended time and effort but can’t collect from insurance in this case either.
Timeframe for Processing a Claim
Once you fill out a claims form and mail it or bring it to the insurance company, they can begin processing your claim. This step takes anywhere from two to four months. This wide range is because different types of claim require different amounts of work, and there’s no way to say how your specific claim will be handled by your specific insurance company.
If, however, you haven’t heard anything back at the end of four months, contact your insurance company for an update. A complex claim may still be in processing, or they might need more information from you in order to continue. Worst case scenario, your paperwork could be lost, in which case you want to resubmit right away in order to collect your settlement.
Benefits You Can Receive from a PPI Claim
The amount of money you will receive from your insurance company is based on the agreements or policies you hold with them. A larger policy will cost more money in premiums to maintain, but also results in a larger payout in your time of need. Make sure you consider both your family’s current financial situation (to determine premiums) and your potential needs if you became unable to work (to estimate settlement size).
If you are the sole or main provider for your family, you should have payment protection insurance. If you should fall ill or become injured, the last thing you need is a bunch of creditors knocking at your door for your credit card payments. If you stop making mortgage payments, you could even lose your home! Payment protection insurance keeps this from happening, providing you and your family peace of mind in case of an emergency.