Most people have heard about all of the problems with the miss selling of payment protection insurance. This does put a lot of people off getting it, as they think that PPI is always something that is no good. However, it does have uses at times and some people would benefit from it.
It is important to understand what it is and when it could be useful. Then you will know whether it is of use to you or not. Salesmen will be more careful as they will not to risk a PPI claim and so they will make sure that they only sell it to you if you really need it. This means that you should ask them about it and how it would benefit you, if you took it out.
Payment protection insurance is something which you may want, to cover a repayment on a loan if you are unable to pay it. It may provide cover if you are out of work and so cannot make the payment. So when it comes time to make your monthly payment, the insurance will pay it for you. This would be useful to someone in a job who is concerned that if they lose their job and therefore their source of income, they will find it difficult to make their repayments.
If you are solely responsible for covering the cost of household bills, then you might want to take out insurance like this. It could give you peace of mind knowing that if you are out of work, you will be able to get financial help, as it can be a big worry, especially if you have lots of outgoings and a family to look after.
Even if you share the bills, you may find that if you were without one income, it could make repayments very difficult. You may feel that PPI will benefit you in this situation as well. The larger the amount you have to repay, the more likely you will be to need PPI. A large repayment will be hard enough to find anyway, but with a reduced income, it could be almost impossible.
So you could find that you will be in a situation where PPI will help you. The insurance itself can be very useful, it is the fact that it was sold to people not in work who could not claim on it or put in as part of a loan without telling them. It was this dishonesty that was the problem, not the actual policy.