Repayment Protection Insurance?

[BONDGIRL]

hi there, I am currently thinking of getting a personal loan. I am reading a lot of threads here and trying to get the best possible rate for me. I am hoping to borrow 15k over 3-5 yrs. Would love to get over 3 yrs so I will see what rate I get. Is it worth getting Repayment Protection Insurance? It seems to be quite high on a few banks I have checked e.g. 35 a month. I am not sure what is covers. I have my own life poilcy that covers death and serious illness. I also have a very secure job so would be highly unlikely I would be made redundent in this time frame. BUt I do not want to take unnessary risks. Would love some sound advice?

Thanks

 

[ClubMan]

Many loan repayment protection insurance policies represent poor value for money being loaded with commissions and often limited in terms of when and for how long they will pay out. Check the terms & conditions of any such policy before buying it. In my personal opinion it sounds like you don't need such cover but I am not privy to all of the information needed to say this for sure.