Things to know about Credit Card Protection Payment Insurance

The PPI or Payment Protection Insurance makes it feasible for any loan obtainer to ease down the tension when it comes to the mortgage payment. PPI essentially pays out your loan or mortgage when you are unable to fetch or provide the required money. This disability could be a result of accident, illness, unemployment, or sudden death. All these incidents shall effectively be covered under the Natwest Credit Card Ppi policy to provide you with a relief of mind. 

Do you need to purchase it?

It is not mandatory to purchase the Natwest credit card ppi. However, several money lenders might offer you an option to opt for this policy as you apply to acquire the loan amount. You have to be certain by weighing in the benefits with a potential loss to understand whether or not you need this policy. Chances are you might never use it, or you might require it very soon. Everything depends on circumstances and fate that change with time. This means it is better to opt for the same. 

What does the credit card ppi cover?

For credit card owners, the credit card ppi essentially covers the minimum faction of the repayment amount which is close to 2 per cent up to 5 per cent of the total amount that you owe to the credit card company. 

Do you require this cover?

You do not require the credit card ppi, if:

• You flaunt a regular source of guaranteed income.
• If you are eligible for a sick leave that is completely paid for the long term.
• If you have a job that is secure enough with minimal chance for redundancy.
• You already have a policy in place that is similar to the credit card ppi via any sports or job club.
• You have already acquired insurance for serious illness, life, or insurance for income protection. 

You might not be eligible for a claim when:

• Age under 18 or more than 65.
• If you have been employed for a term below 16 hours in a week.
• If you understand that you might lose your job.
• Self-employed or loss in business.
• Contract or temporary worker with chances to lose the job.
• You know that you have a medical condition.
• Inability to work when affected by backache or stress.

Things you need to consider before opting for a credit card ppi:

• Ascertain your requirement for the ppi cover.
• Complete cover cost.
• Inclusions and exclusions of the Natwest Credit Card Ppi.
• Upfront or monthly payment.
• Benefits from the insurance.

Can you make a claim twice?

Yes, you can make claims twice or more than that which essentially depends on the policy you have opted for. Say if your policy covers critical illness, the cover might end once you make a claim with no premium to be paid further. However, for other insurance covers, you can continue with premium payment while the policy shall remain intact while covering you as per your requirement.