PPI is Payment Protection Insurance but it is also known by lots of other names such as:
- ASU (Accident Sickness Unemployment)
- MPPI (Mortgage Payment Protection Insurance)
- Loan Protection Cover
- Redundancy Cover
- Card protector
It’s a form of insurance that can be purchased alongside a loan, credit card, card finance or mortgage. The idea is that the policy covers the repayments on the credit in the event that you are unable to do so due to illness or unemployment.
In principle there is nothing wrong with this type of insurance, indeed it’s been around for decades. The problem however is that it’s very often mis-sold because it is unnecessary, overpriced or unsuitable.
Posted in: Individual