Income Protection or Loan Protection

[zara_goza]

I am a bit confused now. I am trying to reduce the cost of the Payment Protection applied to CC and Loans, I think is quite expensive taking it with the companies, but I want to be cover. I don't know what I should take a Income Protection insurance or a Loan Protection Insurance. Anyone know the difference and what it should be better to go for?

I believe one only covers the loans, but it's the income one covering the cost of the CC and loans?

Confused!! Help!!

[jonni2bad]

I blieve the difference is that loan protection pays off a sepific policy, and income protection gives YOU the money to pay off whatever you see fit....

[zara_goza]

Sp probably I will be better off taking a Income Protection cover for around £50 a month, and cancel of those PPI of Credit Cards and Loan. As they should be protected with the Income one....Sweet...

thanks,

The amount of £££ I have spend every month in PPI in my stuff, when you can have it all cover with one insurance policy and cheaper...

[jonni2bad]

Have a look through the MoneySavingExpert website - lots of info in their forums on these types of issues, and best buys etc.

[zara_goza]

Originally Posted by jonni2bad

Have a look through the MoneySavingExpert website - lots of info in their forums on these types of issues, and best buys etc.

I went through the website, now one of my bookmarks, and I found a company quoting me around £50 per month for cover me in case something happens, not that I wanted to use it in any point, but it's better been protected. I have been calculating the PPI in Credit cards, loans etc, and it much higher per month than that. So I am going to take the cover with this company and cancel everything else. That should work out much better and I'l be saving lots...

I'm learning to shop around...

Thanks Jonni2bad.