Payment Protection Insurance

blond_2

Hi I'm new here so forgive me if I am covering old ground

Just a query re PPI - I am going to cancel the PPI on my credit cards to get on the path of being debt free by the next millenium!

I have several credit cards and no mortgage and no kids. I am about to get married - what happens if I die or get injured and can't work - will my hubby be liable for the remainder of my debts? My pension has a death in service policy - should I get life insurance on top of that?

Confused!

Conor_3

Usually liability defers to the estate of the deceased. Any outstanding debts are paid out before the beneficiaries get their share. Always a good idea. Life Insurance can be dirt cheap for a payout on death only policy. I've got such a policy with Norwich Union for £1.99 a month that pays out currently £26,000 increasing £2000 a year - one of the few peices of junk mail actually of any use to me.
It'll be enough to pay off any bills, pay for a funeral and a few rounds at the local ale house.

blond_2

My Pension pays a lump sum of 2 years pay which is more than enough to cover my debts and a funeral! So am I correct in thinking I don't need any further insurance and to go ahead and cancel any PPI on my credit cards?

Thanks

Conor_3

Yup. PPI is all a con anyway. The only way they'll pay out is if you've been made redundant. They can usually find a reason to avoid paying out in all other events.

davek1

Hi guys sorry to butt in on your thread but i have PPI on a car i am paying for. It adds a massive amount to the monthly payment. Does anyone know if i can just contact the finance company and ask them to cancel the PPI. Its with welcome finance who are a non status lender so would they be as helpful as a normal high street lender. Any ideas i would be grateful for your views.