Info Making Money

What is payment protection insurance?

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Payment Protection Insurance can involve any policy that protects you from loss of earnings. Income Protection, Redundancy Cover and Life Insurance could all fall under the broad banner of Payment Protection Insurance, but ‘PPI’ is most commonly associated with Income Protection.
A good Income protection plan or PPI can alleviate any financial discomfort that may come with the inability to work. Should you suffer a long term illness, injury or ailment that stops you from working for a long period, you will enjoy the benefits of Income Protection. For a comprehensive and tailored list of schemes, look up an Endsleigh payment protection plan.

A Payment Protection policy can often pay out a bigger gross salary than say a simple Accident plan related to a Health Insurance scheme. With an Endsleigh Payment Protection plan you could be looking at recouping up to 75% of your gross salary, meaning you wont lose too much of your livelihood and be able to keep up with your regular debited payments (hence the name – Payment Protection). Also with Payment Protection, your plan can be valid for up to 24 months.

Redundancy Cover can be an excellent way to protect your payments and this could be classified in the same PPI bracket. Obviously redundancy insurance won’t cover you against illness or injury but it will cover your income against a volatile and unpredictable job market.

If you fall ill or find yourself physically unable to work, your chosen lifestyle can be seriously compromised. You have earned the lifestyle you have become accustomed to, and you owe it to your family to keep them in a comfortable manner. Payment Protection means your dependents will remain financially stable whilst you recover.

Endsleigh payment protection is a comprehensive payment protection service with a thoughtful set of plans designed to suit the policy holder. If you have a mortgage or you have particularly high living expenses, you need to consider protecting yourself in the event of debilitating illness or injury.