Is PPI ever worth it?

head_above_water

Hi I was wondering if paying for PPI every month is worth it, has any one ever claimed due to illness. I am thinking of cancelling mine ( not missold) as i am i would rather the £30 come off my balance each month. Any views?

Tixy

I think in principal it can be worth having some sort of insurance if you were to lose your income.
But even in those cases it would usually be better and cheaper to go for an independant policy so you can choose how much of your income you cover and if you have to make a claim, you can then decide on what you spend the monthly pay out on(keeping up with credit card payments is usually lower on the list for people than paying their rent/mortgage & things like gas & elec bills etc).

The only time I wouldn't cancel a account policy and consider getting an independant best buy one, is if you think you are already at considerable risk from redundancy or have already been notified etc.

bengalknights

If you know your about to be made redundant etc then its always a good idea.

jonesMUFCforever

One major thing to consider (whether you have any credit or not) - if you lost your job what sum would you get to live on?
After paying important things like rent/mortgage food and heating etc etc what do you have left over?

If this is sufficient to make minimum payments then you can argue that you do not need PPI - I suspect the vast majority of us on here are not in that boat and unless you have savings to pay off debt then you need something.
Whether PPI or an independent policy is best for you only you can answer.