Monday, November 12, 2012

Additional Significant Details on Credit Card Insurance

By Will Greening

All of us can never know what their financial condition will be in the years or even months to come. Since we may never know what will happen to us, we should always look at the worst possible scenario and do some necessary work around to deal with it. Consider this, what if you are the bread winner of your family and you become jobless or incapable to work due to certain injuries and disabilities, how will you provide for your family? You can't right? This is why you should take the necessary precautions the earliest possible time such as the credit card protection insurance.

Do not be victims of chance. As early as you get to be regularized from your job it is just right for you to get your own credit card protection insurance. The credit card protection insurance is an aspect of the payment protection insurance which provides you with the financial security in the event that you experience an accident or any form of serious illness, unemployment, death, and other situations which may impair you from attending to your responsibilities at work.

Being a type of payment protection insurance, the credit card payment protection insurance helps you deal your regular repayments if you do not have the right amount of income to deal with these types of financial obligations. Regarding this type of insurance, you must first need to sustain having a regular average balance which may range from 1000 and up to 5000. Once you satisfy this requirement, you will now have the opportunity to receive around 10% of your estimated regular monthly mortgage balance within the course of your insurance period.

In taking out credit card insurance, you must be reminded of the eligibility criteria of the qualifications for you to be able to purchase this type of cover. Some common qualifications to acquire credit card insurance are noted below: (1) Are you a working individual who lives and works in the United Kingdom? Do you work for around 4 hours in a day for 5 days in a week or an average of not less than 16 hours every week? (2) Is your age within the bracket of 18 years up to 65 years old or whatever is the designated retirement bracket in your area? (Remember that the retirement age bracket may usually change depending on your gender. (3) Are you an employed individual who have been working for the past 6 months while also working for same amount of time previously mentioned?

If you answered yes to all of the questions above then you may be eligible to acquire this type of insurance.

Lastly, it may also be important that you are physically fit at the time you are applying for this type of cover and that you do not have any pre-existing medical conditions. If you do not meet these criteria, you might not be qualified to claim for your insurance benefits.

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