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payment protection insurance-good/bad idea?
mummyyummy_2
Posts: 820 Forumite
in Loans
just wondered as im confused, is it a bad idea to take this out? i mean, what happens if e.g. redundancy? illness? etc, surely it is better to have some back up? pls help as we are just about to take out a loan and dont know whether to go for it or not? thanks
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Comments
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People tend to have strong opinions on this one... anyone who has had it and hasnt made a claim/ had a claim rejected will say it is a waste of money.... anyone who has had it and had their loan paid for them when the unexpected happened will say it is great.
The one constructive piece of advice is to say that there are other options for PPI on top of the one the lender tries to sell you and also policies vary greatly between insurers so just because company A is cheaper than B it could well be because A has much less cover.All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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some people take insurance on their mortgage, but not always on their loans and credit cards
problem is , if you are not receiving same income , this can affect you paying the mortgage as well
have a think about your needs and get some quotes if you feel you need it0
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