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Protection - Payment Protection

Payment protection insurance (PPI), a similar policy to MPPI, but  covers other debts, such as repayments on loans or credit cards. It is also notoriously unreliable when it comes to paying out in the event of a claim, and can often be over-priced and miss-sold as happened recently.

Nonetheless, if you do qualify for a payment, the short-term lifeline it offers can help you to survive a financial crisis, so it should not be dismissed out of hand - but a cheaper alternative may be to buy PPI from a standalone provider, rather than the Credit provider.

When should you take out income protection?

Before taking out income protection, check what cover you already have through your job, as many companies offer life assurance and sickness benefits.
The level of cover required from income protection varies from person to person, so after finding out what is offered by your employer, calculate your current expenditure and take out cover to meet the shortfall - but bear in mind that your outgoings may be cheaper if you're not at work.

If you do decide to take out the insurance, it's a case of the sooner the better, as younger and healthier individuals will be offered cheaper premiums, plus it's beneficial to take out a policy before there's any sign of trouble - to ensure you have the necessary cover in place should anything go wrong.



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