Payment protection

Get cover for debt repayments - compare payment protection insurance quotes[1]

What is PPI?

Payment protection insurance (PPI) is a form of income protection that covers monthly debt repayments if you’re unable to work.

This could be due to sickness, an accident or involuntary unemployment.

Typically, you can protect up to 70% of your annual income and a PPI policy will provide payouts for up to 12 months if your claim is successful. However, conditions will differ between policies.

Do I need PPI?

This is completely dependent on your circumstances. If you’re unlikely to be able to make your existing debt repayments if you find yourself out of work, you may want to consider PPI.

However, if you have savings or cover from another product already, for instance critical illness cover or loan protection insurance, it may be unnecessary.

payment protection insurance

PPI has had a bad reputation since the mis-selling scandal, but it can be a useful form of income protection

What do I need to get a PPI quote?

We only need a few things from you to get started:

  1. Some info about your cover

    What you want to protect and for how long, plus your gross annual salary

  2. Your personal details

    Such as your name and date of birth

  3. Your employment

    What you do for a living, how many hours you work and who you work for

  4. Result!

    We’ll show you your PPI quotes, so you can choose the right policy for you

PPI mis-selling

Unfortunately, financial institutions mis-sold payment protection policies to customers for years. People were sometimes sold it as part of a bundle or pushed to take it out, without ever actually realising what they were paying for.

Since the story of the scandal broke in 2011, billions of pounds have been paid out to customers in compensation.

This gave PPI an undeserved bad reputation, but it can come in handy if you find yourself out of work.

Buying PPI alongside a loan or credit card

In the past, PPI was mis-sold alongside products like loans or credit cards, but companies are no longer allowed to do this.

If you’re going to take out PPI, find a policy that’s right for you and avoid policies that are bundled with loans – they don’t always offer you the best deal.

Things to consider

Here are some things you’ll need to think about before you take out a PPI policy:

  1. PPI only covers one debt

    This could be credit card, mortgage or loan repayments

  2. It won’t cover you immediately

    You’ll need to keep paying until the deferred period ends and the policy kicks in

  3. Some illnesses are excluded

    So double check your policy before you take it out

  4. Pre-existing conditions aren’t covered

    Meaning you can’t claim for something you’ve already got

  5. Check your sick pay

    You may be able to manage with just this

  6. What about your savings?

    If you’ve got enough, you might not need PPI

  7. Other forms of income protection

    Look at different types to see what is right for you

Get peace of mind with the right payment protection insurance

Get a quote

[1]Gocompare.com introduces customers to ActiveQuote who are authorised and regulated by the Financial Conduct Authority. Gocompare.com's relationship with ActiveQuote is limited to that of a business partnership, no common ownership or control rights exist between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites

[†]Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites