Debt Insurance – Should You Buy It?

Credit companies will often try and sell you debt insurance to cover your payments if you become ill or are made redundant. Unfortunately these policies are often used as a way for the credit company to make a lot of money and are very bad value.

Debt Insurance – What is it?

The insurance (or repayment cover) that is sold to you when you take out a loan will pay your repayments for a specific period of time (often only 12 months) if you are ill or (for some policies) if you are made redundant.

Should You Use It?

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