Loan Protection Payments

nikkijj_2

Hi

I have a loan through Barclays which at the time I did not take out payment protection with them.

I decided to take out this insurance with a separate cover with Insure u cover - Pinnacle insurance with I pay £15.00 per month for Employment, Sickness and Redundancy.

My family have said that these insurances are not worth the paper they are written on due to exclusions etc etc.

I would appreciate your comments, Should I cancel this ??

Thanks

N ikki:A:A

nikkijj_2

Anyone, Please !!

stephane_2

You need to look at the T&C of your insurance and look closely at the exclusions (how long will they pay after unemployed and how long for, the same for sickness) then look at your own circumstances. If your job is secure then it might not be worth it..

CLAPTON

generally speaking seperate insurance is a lot cheaper than that from CC companies

how much insurance cover do you have for your 15?

have you read the T&Cs especially about self employment, existing medical conditions, unemployment conditions etc....

without knowing something about your circumstances its impossible to say.

nikkijj_2

Hi Well I pay £15.00 per month for £330 per month for income protection, Which in theory covers my loan payment.

I have read the policy in regards to existing medical conditions (havent got any!!) unemployment cover starts after 30 days and up to 12 months, I am a nurse in the NHS and my job is secure !!

Just begrudge paying out for things I dont really need !!

di3004

Hi there

I am no expert by all means on this but with this type of insurance, I think it maybe that if you make a claim for say unemployment for example for that full 12 months, it will be that of either another 3 or 6 months before you can make a claim again.
In regards of Pinnacle, you can also switch from sickness to unemployment etc etc, but as suggested by the others on here check your terms and conds as these can vary.

If you do not have these Pinnacle should be able to post them out to you, or check here:
http://www.helpucover.co.uk/incomeprotection/pdf/policy.pdf

jamesperrett

nikkijj wrote: »

I am a nurse in the NHS and my job is secure !!

If you have been working in the NHS for more than a year or two then you may well find that your existing sickness benefits or redundancy agreement will be sufficient to cover you.

I work in a similar public service job and I have never taken out this kind of insurance as, when I applied for my first loan many years ago, the salesman suggested that it probably wasn't worthwhile for someone in my position.

Cheers

James.

nikkijj_2

Oh god I have worked for the NHS for over 4 years, So I have decided to cancel the insurances, which have been totalling to over £40 per month.

Thanks

Nikki