Payment Protection Insurance

nikkijj_2

Hello

Thought I would post this here and get some advice.

I have a payment protection insurance throught pinnacle insurance which I pay £15.00 per month which covers me for Redundancy, Sickness, Involuntary unemployment which would help me to cover some payments if I was unable to pay them.

My family have said that these insurances are not worth the paper they are written on and to cancel it because of all the restrictions on the policy etc etc.

What do you guys think !!

Nikki

PS I have posted this on the loan forum not sure where to put it really

CannyJock

Depends on your amount of debt and what you think your chances are of redundancy.

I've saw people with no debt (apart from mortgage) pay through the nose for this stuff and can't get my head round why - in most cases they were [STRIKE]sold it[/STRIKE] advised to take it by their bank.

Personally, I don't pay for any insurance I don't have to - insurance companies make a profit by collecting more than they pay out so the probability is you don't need it.

NickX

nikkijj wrote: »

My family have said that these insurances are not worth the paper they are written on and to cancel it because of all the restrictions on the policy etc etc.

What do you guys think !!

I would agree with your family.

NickX

CannyJock wrote: »

Personally, I don't pay for any insurance I don't have to - insurance companies make a profit by collecting more than they pay out so the probability is you don't need it.

I follow the same logic and apply the same practice.

nikkijj_2

Thanks guys, I'm gonna go with the family then.

Nikki

di3004

Hi there

They have worked for us but everyone's circumstances are different, good luck and here is the link here if you want to check this out.;)
http://www.helpucover.co.uk/incomeprotection/pdf/policy.pdf