PPI on credit card.

Twisted_Spirit

OK, just a quick question.

If I think that redundancy may be round the corner for me, can I add PPI to my credit card to protect my payments if I do get made redundant?

Or do you have to be in employment for a set amount of time after adding PPI to be able to have a claim?

Thanks for your responses in advance.

TS

Tixy

A lot of policies won't pay out if you are made redundant in the first 3 or 6 months and nearly all have a foreseeability clause, eg did you take it out because you knew there was a reasonable chance of being made redundant (ie if your employers have announced that there will be some redundancies you almost certainly won't be able to claim) - you do need to check the T&Cs of the PPI carefully though.

Quote from this article - http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

Have you a forseeability of redundancy?
One elemet of PPI is covering you in the event that you lose your job. Yet if there is already what's called a 'forseeability' of redundancy, in essence you know your job is directly under threat, when you take out the policy (or often within the first few months), then often this is invalid.

This is very important to check. Unfortunately definitions of 'foreseeability' vary, and there's the chance when you come to claim, insurers may disqualify the cover arguing unemployment was forseeable, even for tangential reasons, e.g you work in an industry under recession threat.

InsideInsurance

Twisted_Spirit wrote: »

If I think that redundancy may be round the corner for me, can I add PPI to my credit card to protect my payments if I do get made redundant?

This statement would invalidate any claim, you cannot purchase insurance to cover an event you believe is about to occur