Payment shield yes or no?

Found 16th Feb 2014
Going through our finances and trying to justify all our cover. We currently have a payment shield policy for unemployment cover it pays the mortgage plus £150 towards bills based on a 60/40 split. It's an expensive policy at £45/pm is it worth keeping? I know my sil found her payment shield policy the only to pay out whilst she was off being treated for breast cancer so I've been dubious to cancel this policy yet I don't want to pay than I need to.
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Only you can answer that question, do you have enough savings to pay your outgoing bills if you get ill etc?
Are you happy to pay £45 a month for that piece of mind???
That's why I have left it upon every finance review.. Bit like tempting fate iykwim! But just wondered if anyone has cheaper policies that offer just as good cover as £45 is steep just for peace of mind!
It worked for me when I was made redundant 8 years ago, they even kept paying in between temporary jobs until I got a new permanent position

Quick and easy too plus I wouldn;t want to rely on state benefits.

£45 is nothing in the grand scheme of things, one night out a month ????
Does it also cover accidents or injuries?
I snapped my anterior cruciate ligament in December and Im only getting back to work on light duties on Tuesday. Totally one of those things that just happens, cant plan for it. I've been receiving SSP of £85 a week since then and if it wasn't for meagre savings I would have been right up the creek!!!
I'm paying £25 a month for (what I wrongly thought) accident, sickness and death cover. When I called up to start the "pay out" procedure I was told I only had critical illness and death cover! So no pay out at all. I REALLY wish I had the level of cover to cover my mortgage and help with bills.. I do, however, hope you never need it!
As for state benefits, they have refused to give me any help because I'm still at work and receiving SSP.
Just my 2p worth!!
Edited by: "GrassSnakeUK" 16th Feb 2014
If you get decent rate of sick pay & have been in your employment for a few years & you get 1 months pay for every yr worked redundancy. It's not worth having imo, if you get sacked it pays nothing if you get made redundant you should get enough to tide you over. You could get a much cheaper life & critical illness cover.
But like others have said it's all down to personal circumstances
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