Unfortunately life is somewhat unpredictable, if you have a loan taking out payment protection insurance should be considered.

When you take out a loan many are tempted to stick with their current account provider but like any product being purchased do not forget it may be more beneficial to go with another lender.

PPI is cover that will make payments to your monthly loan repayments for you, should you not be able to due to accident, illness or unemployment.

When considering PPI it is worth comparing different insurers, things to look for are -how long cover will last as some providers only pay for a set amount of time. Also some will not pay the full monthly payment they will only pay a percentage. 

PPI does not have to be taken out but some loan providers automatically set up PPI for you, your contract will confirm if this has been done. If you do not want PPI you will need to contact your lender direct and they can cancel this for you.

Choosing whether to take out PPI should relate to your circumstances, just be sure to consider the worst case, if you were to be made redundant or if you broke your leg what would happen?