What PPI could mean during a severe illness

Decide if PPI is a benefit you can’t live without.

By Nicole Hamer |

11:42 02 May 2013

When you’re struck with illness, you don’t know what the future will hold for you. It might be something minor, or it could be a symptom of a more serious issue. The last thing you need to be worrying about when you’re in the hospital is about your bills.

 

There has been recent attention paid to staffing ratios in hospitals, reportedly something the government is currently trying to address, but you can reduce the burden of stress with a few minor investments.

 

What is PPI?

 

PPI stands for Payment Protection Insurance. This insurance can be offered by individual companies such as your credit card companies, or by your mortgage lender. You may also be able to choose one company to take care of all your investments. Payment Protection Insurance does not replace your income, but it can make payments on outstanding loans on your behalf during certain circumstances.

 

What situations might qualify you to receive PPI benefits?

 

• Layoff
• Unemployment
• Illness
• Other extenuating circumstances

 

What might disqualify you to receive PPI benefits?

 

Applying for PPI if you are currently under any of these conditions may disqualify benefit payments to you:

 

• Unemployed status
• Self employed
• Contract worker

 

If you qualify for benefits, here are some of the ways, both tangible and intangible you might benefit from PPI:

 

• Reduced stress—many people underestimate the importance of this factor. Increased stress makes us vulnerable to further illnesses, depression, and other emotional or even mental issues. We can’t put a price tag on the benefit of reducing stress.

 

• Payments—if you have taken the time and effort to invest in something such as a home or vehicle, you don’t need a temporary setback pulling the carpet out from beneath your feet. With medical bills piling up, the potential loss of a home is a very real concern.

 

• Credit rating—by having PPI which can help make payments on your loans, you are also protecting your credit rating if something unfortunate occurs.