Income protection
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Get cover for debt repayments - compare payment protection insurance quotes[1]
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.
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.
We only need a few things from you to get started:
What you want to protect and for how long, plus your gross annual salary
Such as your name and date of birth
What you do for a living, how many hours you work and who you work for
We’ll show you your PPI quotes, so you can choose the right policy for you
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.
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.
Here are some things you’ll need to think about before you take out a PPI policy:
This could be credit card, mortgage or loan repayments
You’ll need to keep paying until the deferred period ends and the policy kicks in
So double check your policy before you take it out
Meaning you can’t claim for something you’ve already got
You may be able to manage with just this
If you’ve got enough, you might not need PPI
Look at different types to see what is right for you
Get peace of mind with the right payment protection insurance
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[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