I just redid my personal loan and my beneficial and combined them into1 personal loan through my bank and was able to cut a year off my loans as well as lower my monthly payments. However, I do have a question. I was offered voluntary payment protection for a small monthly fee on my loan that is supposed to take care of this payment if for some reason I can't make my payments. I agreed to it today but they do give me 15 days to cancel from today if I decide it's not for me. I took it out because our union contract expires in October and I thought this might be a good idea to have if we would go on strike. Is this a good idea and if so is this a good place to get this insurance or is it better to go from an outside source. The charge for this service is $.209 for single credit disability and $.068 for single credit life and this is cost per $100 on my monthly loan balance. My loan term is for 19 months for 9055.49. Any help and advice is greatly appreciated.

Thank you

I don't really know a lot about them, but I do know that you need to read it over thoroughly. There are often exceptions built in and you may not be covered in some circumstances - figure out what those are and see if it is still worth it.

One thing to watch for - they often will only pay out if you are fired from your job, which probably wouldn't include going on strike..

I don't know what she paid for the coverage, but DSD got a year's worth of car payments made from her payment protection plan when she had to leave her job due to disability.