Payment Protection insurance
Designed to protect individuals who wish to cover their financial commitments in the event that they are unable to work due to accident, sickness and/or unemployment.
With unemployment rate at a 7 year low, people are becoming acutely aware of the impact on their lives if they lose their jobs and are unable to pay their mortgage.
According to the Association of British Insurers (ABI), one million workers a year find themselves unable to work due to serious injury or illness. Designed with tailorable cover in mind, this product is ideal for brokers who wish to help their clients protect themselves if the unfortunate event of unemployment occurs.
Payment Protection insurance cover details
- Common cover options are:
- Accident & sickness only
- Accident, sickness & employment
- Unemployment only
- Pre-existing conditions under certain circumstances
- Voluntary redundancy.
- Some high risk occupations.
- Hospitalisation and carer cover.
Explore the Payment Protection insurance market
- The self-employed are less likely to have a day off for sickness than those employed by a firm.1
- In 2014, sickness absences were lowest in London in comparison to the rest of the UK.2
- Some 2.6 million in the UK are on incapacity benefit, and of these, 1 million have been claiming for a decade.3