Income protection insurance

Key pros and cons of credit insurance

Pros

• May be useful if you have large borrowings or would find it difficult to make your loan and credit card payments if you lost your job or were too ill to work
• Could be useful if you are self-employed, think you may lose your job, or your job doesn't provide sick pay

Cons

• You'll normally only get payouts for up to 12 months
• It only covers a specific debt - your loan or credit card payments, so you won't have extra money to provide for other things like food, clothing etc
• It can be expensive, and if you are in a secure job with sick pay, and your partner earns a wage, you may feel you can do without it

Making a claim
For information on making a claim visit our making a claim section. Before you buy cover, check you are not already covered by another income protection policy, such as permanent health insurance.

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