Payment Protection Insurance or PPI as it is more commonly known is an Insurance policy sold alongside forms of credit such as Loans, Mortgages and Credit Cards. The purpose of PPI is to protect consumer repayments should they become unable to work for certain reasons such as death, accident, illness or redundancy. In theory these policies sound great but the reality is that they are not always as good as they claim to be. Payment Protection Insurance has many flaws which include its cost, its low payout rates and the fact that it is often sold to consumers who do not need it, who did not request it and who will not benefit from it.
