• The Basics
• What's Covered
• Ask a Question
• Making a Claim
• Policy Documents
• FAQs

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Income insurance protection or payment protection insurance (PPI) is designed to help you meet your monthly commitments should you fall ill, have an accident or be made redundant. You’ll find that it is very often sold to you at the same time as taking out a personal unsecured or secured loan, or by your credit card company. The advantage with payprotect is that it works independently of any loan or other type of lending, and can be used to cover almost all your monthly commitments – gas, electricity and water bills, rent, monthly insurance premiums – virtually anything that you have to pay on a regular monthly basis.

You’ll also find that, because it’s age-rated, the younger you are, the lower the premium will be. If you’re aged between 18 and 45, you’ll find our premiums hard to beat, and even if you are over 45 we can still be competitive when compared with the products from many of the banks and other lenders.

So what does it cover?

If you apply for a payprotect policy you’ll be asked how much you would like to insure on a monthly basis and what this amount includes. So try to add-up all of your monthly commitments and use that as a guide to help you come up with the monthly benefit you would like to choose.

You can choose any amount up to £1,500 per month, or 60% of your gross monthly salary (before tax, NOT your take-home pay).  

If you are then unable to work for an eligible reason, you will receive a monthly benefit for the amount you choose for every month you are unable to earn an income for up to 12 months.

What doesn't it cover?

The most important point to make about payprotect is that if you compare it to the cover you would get from your loan provider or credit card company, it does not cover you in the event of your death. So while their policies would pay off the outstanding balance of the loan or credit card, payprotect would not. However, because of this, the premium is significantly lower, and it can be used to cover virtually any sort of monthly financial commitment you have, and not just what you owe the loan or credit card company.  

Just like any other insurance policy, be sure to read the Summary of Cover before buying to make sure that it is appropriate for your needs. Things to look out for on any payment protection policy are whether it covers people working on short or fixed-term contracts, self-employed people, and conditions like back pain or mental illness. You also need to check how long the excess period is (the time it takes for the policy to start paying you the monthly benefit) as this is something that you can usually choose for yourself – typically it will either be 30, 60 or 90 days.

Also worth checking is if there is any initial exclusions period, especially for the unemployment cover. Even though you might only choose a 30-day excess period, it is more than likely that your policy will contain a longer period of something like 6 months from the first day of cover until it would pay out if you were made redundant.

payprotect is underwritten by Pinnacle Insurance Plc, one of the UK's leading providers of protection based products.

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