' A rent payment of £500 PCM protected against Accident, Sickness and Unemployment for £21.75 PCM

SAFEGUARD YOUR FAMILY HOME WITH RENT PAYMENT PROTECTION INSURANCE (PPI)


The number of people renting their main home is increasing on a daily basis, and is in many ways caused by the almost complete lack of mortgage finance currently available.

Safeguarding your home is just as important whether it is mortgaged or rented. With the economies across Europe having major problems the UK cannot escape the turmoil and with firms across the UK making widespread redundancies, many people are becoming concerned for their job security. How can you secure your home if the worst happens? Now is the time to consider Rent Payment Protection Insurance (PPI).

Rent Payment Protection Insurance (PPI) ensures that you will be able to pay your rent and safeguard your home. If you lose your job through redundancy, or if you are unable to work through accident or sickness, PPI will take care of your rental payments for periods, usually of 12 months but with some policies up to 24 months. Peace of mind in these uncertain times will help you to concentrate on looking for a new job or getting better, without having the added strain of worrying about your rental payments.

1. How Does Rent Payment Protection Insurance Work?

Rent Payment Protection Insurance (PPI) is usually paid by a monthly premium, and if redundancy or serious illness does occur, you can then apply to make a claim on the policy. The rate of payments and the time it takes for you to receive them will vary according to the type of policy you purchase, so for example you can tailor your policy so that your payments begin as soon as your employer ceases paying you wages or sick pay. The policy you select should be whichever one best enables you to keep meeting your rent payments every month. You can also use Rent Payment Protection Insurance (PPI) to cover an additional 25% of cover that is available from most insurance providers. This will give you the comfort of being able to meet some of those additional monthly bills.

2. Company Sick Pay.

When taking out Rent Payment Protection Insurance (PPI) you should consider how much sick pay you receive from your employer, most insurers will not pay you Accident & Sickness cover if you are receiving money from your employer. Some companies will pay some level of sick pay if their employee is off work due to sickness or injury, in general public sector workers usually get six months at full pay and six months at half pay. If you have a generous sick pay scheme with your employer you should consider one of two alternatives, firstly have a long deferred period before you are paid by the insurer or alternatively take cover for Unemployment Only, both of these options will reduce the cost of cover.

3. Savings & Redundancy

Consider how long you can wait to be paid by the insurer, how long can you last with your savings and how much redundancy pay will you receive. You should also bear in mind that if Redundancy does happen you want to have sufficient funds available to ensure you weather the uncertain times. In our experience talking to many clients they would rather pay a little higher monthly premium and be sure they are covered from day 1.

4. Taking Advice

You should always take advice when considering Rent Payment Protection Insurance, the main benefits of advice is to ensure a policy is suitable for you, and more importantly to take it out at the right price. We at Argent Consulting offer Full Advice, and we will seek out the best deal for you, more importantly we will go through the pros and cons of what you are looking for to give professional help and guidance.