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By Naomi Caine

• Remember that PPI is almost always optional - you should not be refused credit if you decide not to buy it.
• Do you really need insurance? You might already have some cover or savings to tide you over in case of illness or unemployment.
• Make sure you are clear about any exclusions.
• Check what you will get back if you cancel the policy or repay the loan early.
• You don't have to take out PPI with your lender - shop around to compare benefits and prices.

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