UK Money News
11th June 2008
PPI will prove 'valuable if economy slows'
Payment protection insurance (PPI) on loans will prove vital to millions of Britons should the economy continue to weaken, it has been claimed.
PPI pays out in the event of illness or death, as well of offering redundancy cover, which many find particularly valuable and is typically sold alongside loans.
According to Kelly Ostler-Coyle, spokesperson for the Association of British Insurers (ABI), it is the protection that the covers offers in the event of job loss that makes "it a particulary valuable product…at the moment".
Ms Ostler-Coyle added: "It can give valuable peace of mind as many are unable to cope financially with their commitments when they are off work and looking for alternative employment. That's when PPI can kick in and pay out."
PPI has recently been the subject of much controversy with criticism of the sector for the most part centring on the lack of competition among providers and the high cost of policies.
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