Protection Insurance

What does Payment Protection Insurance do?         

Payment Protection Insurance protects a borrower´s ability to maintain repayments and helps them avoid getting into debt should they be unable to keep up their repayments due to Accident, Sickness (Disability) or Involuntary Unemployment.           

Policies are available to protect most forms of personal credit, including personal loans and mortgage repayments. Cover is often purchased at the time the finance arrangement is made, but is also available at a later date or can be taken out as a stand–alone policy which will be much cheaper.

Short Term Income Protection Insurance                              

Short Term Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness (Disability) and Involuntary Unemployment.           

Simply choose the type of cover you require:

Paymentcare : Provider of Independent Payment Protection Insurance UK ASU - Accident, Sickness (Disability) & Unemployment - up to 12 Months benefit per claim - paid after a 30 day waiting period on a back to day one basis.

Independent Mortgage Payment Protection Insurance Provider UK AS - Accident & Sickness (Disability) only - up to 12 Months benefit per claim - paid after a 30 day waiting period on a back to day one basis.

 Monthly premiums for full ASU are only £4.40 per £100 of monthly cover. click here for a QuickQuote.

Mortgage broker Paymentcare is calling for an end to single premium mortgage payment protection insurance (MPPI) policies, claiming they are ‘never in the client’s best interest’ owing to the interest accrued. Managing director, Shane Craig, said that many consumers had confessed to wanting mortgage protection in the past, but were deterred from taking it because they thought they wouldn’t be able to afford it.

However, he added that Paymentcare was convinced people were not being fully informed of the options available, stating that nobody would then ’select a single premium policy over and above a monthly paid alternative’.With single premium products, ‘borrowers are sold a limited period of cover, usually five years, yet they pay for this over the whole term of their mortgage!’ he said.

The firm pursued the matter with the Office of Fair Trading (OFT) in September last year, but was informed that the Department of Trade and Industry (DTI) had not yet decided to investigate the matter. PPI is an optional form of insurance for mortgages or personal loans, covering the borrower in certain situations where they may be unable to keep up with loan repayments, including accidents or loss of work.

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