Payment Protection Insurance (PPI)
Also called Accident, Sickness and Unemployment Insurance
What’s it for?
To help you keep up your payments, for example on a loan or credit card, in the event you can’t work because of redundancy, accident or illness. A typical policy will start to pay an agreed amount one month after your income stops due to redundancy, accident or illness, and continue to pay for a set time - usually 12 or 24 months.
What do you need to know?
You don’t have to buy this cover to get a loan, and you don’t have to buy it from your lender. You can shop around for the best deal.
