These plans have a «waiting period» for the first two years, where if you were to pass away, your beneficiary wouldn't receive the full payout from the plan. (goodfinancialcents.com)
If you can get only a future payout from the plan, you might want to trade it for more cash or property now. (janebryantquinn.com)
The biggest payout from these plans occurs upon your death: Payment protection plans cancel your entire credit card balance (up to $ 25,000, see chart). (knowzy.com)