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Credit Card Protection Insurance

Credit Card Payment Protection Insurance is also commonly called as Payment Protection Insurance or Income Protection Insurance. The monthly benefit amount that these policies pay out can be used to cover your credit card bills. Such policies cover you for unemployment and redundancies, accident and sickness.

While some banks tend to offer these products, they are generally overpriced and do not offer the full range of benefits offered by us. Buying your credit card payment protection insurance from a third party and not your lender will ensure that you get unbiased information and is also generally easier to manage if you have a claim.

Best Insurance has a wide range of payment and income protection cover that will help you cover yourself and the monthly benefit amount that will be paid to you can be used to cover your credit card bills.

Making sure you can meet the repayments on your credit card bill is very important if you want to avoid damaging your credit rating or even legal action, which can occur if you miss payments. If you find yourself in a position where you are no longer able to make those payments, through redundancy for example, mounting credit card bills can seem very daunting. This is where Credit card payment protection insurance, (also known as CCPPI) comes in. For those who have a credit card payment protection policy you will have peace of mind knowing that in the event of no longer having an income, you will still be able to meet your credit card repayment obligations.

 

What is Credit Card Payment protection Insurance?

Credit card Payment protection insurance is a specific type of insurance that falls under the broad category of Payment Protection Insurance policies, also known as PPI. If your insurance is based on just your income, it will fall broadly under the category of Income Protection Insurance. These are types of insurance policies that enable you to meet your financial payments, should circumstances beyond your control, like involuntary redundancy; mean you are without an income to continue to meet your financial obligations.


 

How does credit card payment protection insurance work?

Credit card payment protection insurance effectively insures your credit card repayments. So should you find yourself out of work through no fault of your own, your credit card protection cover would be activated and you would begin to receive a tax-free monthly income to use to pay your credit card bills. Credit card payment protection insurance provides you with peace of mind as well as financial assistance should the unexpected occur. It must be noted that in order to cover your expenses for credit card, you have to buy either a Best Insurance Payment Protection Policy or Income Protection Policy.

In order to qualify for Best Insurance's Payment Protection Policy, you should have a mortgage, loan or rent. The maximum amount most Payment Protection providers allow in this type of product is just the amount equal to your mortgage, loan or rent. However, Best Insurance provides an additional allowance over and above the mortgage, loan or rent that can be used by you to cover your credit card expenses. This additional allowance amount is normally half of your mortgage, loan or rent. These additional allowances can be used by you to cover your outgoings against your credit card expenses. The maximum benefit you can get under Best Insurance's Payment Protection Insurance is up to 50% of your monthly gross income. However, if you do not have a mortgage, loan or rent, you can still protect yourself for your credit card protection using our Income Protection Insurance. Best Insurance's Income Protection Insurance allows you to insure upto 50% of your monthly gross income. The benefit amount can be used by you to pay your credit card bills and other essential outgoings that you may wish to protect yourself against.

If you find all these too confusing, please do not hesitate to call us on 0330 330 9465 or chat with us. Our advisors will be more than happy to provide you with the right assistance.


 

When would I need it?

In today's economic climate, redundancies are increasing as companies struggle to pay their employees' wages. Unfortunately, even if your job is secure, it isn't only redundancy that might prevent you from working, and find you in need of credit card payment protection insurance. A sudden illness or injury from an accident could see you out of work and without a regular income to support yourself. Should you find yourself in this position it can be quite a shock, especially when trying to cope with your financial obligations. The aim of credit card payment protection insurance (PPI) policies is to alleviate some of the financial stress of this situation. This can be the lifeline which will help you focus on getting back to work rather than worry about your credit card bills.


 

Choosing the right credit card payment protection policy for you

With a vast range of products on the market, it is important that you spend some time thinking about what type of credit card payment protection insurance is going to best suit your circumstances. Best Insurance can make the process of choosing a policy even easier by offering instant online quotes for CCPPI so you can search for a policy from the comfort of your own home. When choosing credit card payment protection insurance, you will want to consider how big a premium you are happy to pay each month, how much you want to insure against each month and also how long you would need the payments to be made should you find yourself suddenly out of work.


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Best Insurance is a trading name of Best Risk Management and Financial Service Limited who are authorised and regulated by the Financial Conduct Authority (FCA registration number 583497). Registered office is Gemini Business Centre, 136-140, Old Shoreham Road, Hove BN3 7BD (Registered No. 07095571).