Is PPI an alternative to keeping cash?

Legacy_user

I was thinking I wouldn't have to hold as much cash if I had insurances instead, and could then invest what I would've held

I think you have to survive the first 90 days
I suppose i couldn't cover the car going kaput but I could just cycle to work till I could afford a banger. Can live without household contents, phone, etc. Might keep £500 by for appliances

And dole could help if necessary
If I die then the pension will work as my life insurance
Anything not covered?

forgotmyname

You can kit out an entire kitchen for £500 these days.

What has a car and appliances got to do with PPI though?

A phone can be bought for less than 3 months phone insurance.

Who pays for your funeral?

System

Just that £500 is a sufficient emergency budget?

forgotmyname

Still puzzled as to what its all got to do with PPI?

System

If I had PPI on the mortgage I wouldn't need cash so much

eddddy

Do you mean Income Protection Insurance - to replace some of your income in case of sickness, accident or perhaps redundancy?


(Although you're saying something about having money to replace a kaput car in order to get to work. Obviously, Income Protection Insurance would only pay out if you were unable to work or perhaps made redundant.

Maybe you mean the lack of a car would make it difficult to find a new job later when you recover, or following redundancy)

dunstonh

I wouldnt want to rely on PPI. A PHI maybe but certainly not a PPI.

Even with a PHI, you would still need your emergency fund.