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Payment Protection Insurance (PPI) is a type of insurance designed to cover loan repayments or credit card bills in the event of an unexpected event such as unemployment, illness, or death. It is typically sold alongside loans, mortgages, and credit cards, and is designed to provide financial security in the event of a life-changing event. PPI policies vary in terms of coverage, with some providing a lump sum payment and others providing a regular income.
PPI has been a controversial product in recent years, with some consumers claiming they were mis-sold policies. This has led to a number of high-profile court cases and a significant number of refunds being issued.
Companies in the PPI market include Aviva, AXA, Direct Line, Legal & General, LV=, and Zurich. Show Less Read more
