Critical Illness Insurance is not the same as PPI, or Payment Protection Insurance.
Critical Illness Insurance pays a cash benefit to the person insured by the policy, when the insured person is diagnosed with a serious disease listed in the policy. The cash benefit can be used as the insured person wishes.
PPI payments are triggered when the insured person is unable to work due to job loss. The inability to work may be due to illness or other reasons. The payments go to repay a lender who is carrying a mortgage or large loan for the insured person.
PPI stands for Payment Protection Insurance. If the insured person is unable to work due to disability or losing a job for any reason, the policy will pay the benefit directly to a lender to pay off the money owed to them by the insured person.
Critical Illness Insurance pays the benefit to the insured person if they are diagnosed with a particular disease as outlined in the policy.
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Critical Illness Insurance pays a cash benefit to the person insured by the policy, when the insured person is diagnosed with a serious disease listed in the policy. The cash benefit can be used as the insured person wishes.
PPI payments are triggered when the insured person is unable to work due to job loss. The inability to work may be due to illness or other reasons. The payments go to repay a lender who is carrying a mortgage or large loan for the insured person.
Critical Illness Insurance pays the benefit to the insured person if they are diagnosed with a particular disease as outlined in the policy.