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Payment Protection Plans (is there one plan to cover all?)

  • 05-10-2010 7:09pm
    #1
    paulam
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi

    I'm looking for some advice in relation to payment protection plans. I have a bank and credit union loan and also a credit card. I have protection on all taken out with the individual lenders? Does anyone know if there are any companies offering stand-alone payment protection plans where one payment will cover all?

    Any advice appreciated.


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    There is nothing really like that what you could do is take out insurance (Life insurance, Income protection) to cover indirectly any balances outstanding in the event death, loss of job or sickness.


  • #3
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Jet Black wrote: »
    There is nothing really like that what you could do is take out insurance (Life insurance, Income protection) to cover indirectly any balances outstanding in the event death, loss of job or sickness.

    Life Insurance will cover in the event of death, Income Protection will only cover in the event of long term illness. None of these will provide payment protection in the event you being unable to work due to redundancy, accident or sickness. For this type of cover you need Payment Protection Insurance, however, this is really only associated with Mortgage repayments. The way Payment Protection Insurance works is if you are unable to work due to redundancy, accident or illness, the policy will take over your mortgage repayments for a period of up to 12 months or earlier if you return to work early.

    Going back to the OP's question, the answer is no there is not a product that will cover the combined repayments for a CU loan, bank loan and credit cards.


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