Payment Protection Insurance is also known as Unemployment Insurance or Accident, Sickness and Unemployment cover is an insurance policy which pays out if you lose your income due to redundancy or an inability to work because of an accident or sickness and replaces it with tax-free monthly cash payments for up to 12 months.
Advantages of Payment Protection Insurance :
One of the greatest benefits of holding a PPI policy is that it provides peace of mind for consumers who are incapacitated and therefore unable to work.
Payments are not taxable so the policyholder will receive the full amount being paid from their insurance.
