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Financial
Services > Credit
Cards > Glossary
> Payment
Protection
Most credit card companies will give you the opportunity to pay
a premium based on your outstanding monthly balance to cover you
in the event off you becoming unable to make their monthly payments
due to accident, illness, disability or unemployment. Often, these
payment protection policies can be poor value when compared with
income protection
insurance, or health
insurance policies, which will cover you for a much wider
range of financial payments, including your salary. We advise
you to compare a full spectrum of insurance
cover options before automatically accepting any payment protection
policy your bank offers you, especially if they catch you on one
of those pre-dinner telesales calls. Payment protection
insurance should not be confused with card protection
insurance services such as Sentinel.
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