Payment Protection Insurance (PPI) also known as credit protection insurance or loan repayment insurance is needed when your lender requires extra protection against inability to pay the loan due to an illness or accident. If you get sick or hurt, you won’t be able to work so you may be unable to make your loan payment obligations.
If your bank or financial institution asks for loan protection for your mortgage, individual or business loan, you have quite a few options. We can help find your lowest cost. Give us a call today! (239)466-4466 or email Insurance@LifeGuy.com
PPI for Individual and Mortgage Loans
Lenders used to ask for life insurance only, to protect their loans and make sure they get paid if the recipient of a loan died prematurely before paying off the loan. Recently, most lenders have re-aligned with the actuarial facts, which show that chances that one can become unable to work before retirement age are four times higher than untimely death.
Bankruptcies due to medical issues count for over 50% of total bankruptcies and mortgage defaults. Protect your family and keep the house in case of an illness or accident that can cause loss of income. PPI is the protection your family needs.
PPI for Business Loans
Businesses have various financial needs to start, grow or continue normal operations. For most small to medium size businesses, the business owner is the soul and the main driving force to bringing in revenue. If the business owner can’t work due to a medical reason, illness or accident, the business will suffer. Therefore, it makes sense that lenders are asking business owners to cover business loans with PPI.
PPI for businesses can be in the form of a stand-alone policy for “Business Loan Indemnification” or as a rider on a “Business Overhead Expense” (BOE) policy. Depending on your business structure, loan amount and monthly obligation, a combination of these two may be your best solution. Please contact us today to help you protect your business!
Give us a call today! (239)466-4466 or email Insurance@LifeGuy.com