Long term plans for protection after cancelled/reclaimed PPI

[Amethyst]

Does any one have any thoughts / concerns about the possible knock on effects of not having any protection in place to help with debt and loan and mortgage payments in this era of cancelling everything for a refund.

Many policies were mis sold and it is quite correct people who have been paying it for years when it wouldn't ever cover them in the event of illness/unemployment should be refunded/compensated.

But should we have something in place instead ? Are many people finding that after they have cancelled and got a refund, they regret it as it would have paid out in the circumstances they are in? Or is it a non problem?

What protection should people have to cover loan payments/Mortgages etc in the event life takes a turn for the worse?

I don't know much about insurances, theres things like income protection, critical illness etc, but I think they have similar issues with low chance of them actually helping in event of illness/unemployment.

[Tools]

Re: Long term plans for protection after cancelled/reclaimed PPI

http://www.which.co.uk/money/insuran...me-protection/

[wales01man]

Re: Long term plans for protection after cancelled/reclaimed PPI

Expect in few years time to read cases of people without any PPI type protection having problems when they are ill redundant or even dead There is a case that all insurance not legally required id not needed or wanted until problems arise .

[Turboman]

Re: Long term plans for protection after cancelled/reclaimed PPI

Good point Ame

However. the majority of people getting refunds are those that were misold but are now timed out anyway...as usually the ones the bank's sold were only for 5 years...but paid for over the whole term of the loan

[di30]

Re: Long term plans for protection after cancelled/reclaimed PPI

Yes very good point made, and yes always still best to be protected, and there are some covers out there to suit all your requirements.
When myself and hubby reclaimed, he taken out optional stand alone protection elsewhere to cover his needs, despite also having work cover as well, but they are about :tinysmile_twink_t2: