Payment Protection Cover

Payment Protection Cover is insurance against being unable to pay your bills. If you're getting a new credit card, you will almost certainly be asked to consider taking out Payment Protection Cover.

Most lenders will offer you a deal whereby you will be covered if you can't make payments because of illness or injury, unemployment. etc. Payment Protection Cover often doesn't cover some types of illness or injury: for instance, common ailments such as back pain.

You are also unlikely to have payments made for you if your disability or unemployment is due to willful or self inflicted injuries, cosmetic surgery, or recurring conditions you were treated for in the year before taking out your Payment Protection Cover policy.

Most credit card companies' Payment Protection Cover policies are quite similar, but you should check the small print on yours before taking out cover. However the company tries to persuade you, you are not under any obligation to take out Payment Protection Cover.