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Article: Take cover with the Post Office The controversial payment protection insurance market is worth pounds 6bn a year and the Post Office wants to grab a piece of the action by undercutting its high street rivals. Paul Farrow reports
- Article from:
- The Sunday Telegraph London
- Article date:
- June 18, 2006
- Author:
CopyrightCopyright 2006 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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The Post Office is intending to carve up the payment protection
insurance market with a stand-alone policy that beats the major high
street lenders on cost and on cover.
The payment protection insurance (PPI) market is huge: it is worth
pounds 6bn a year to providers, compared with just pounds 2bn eight
years ago. With more and more people taking on debt, sales advisers
have had little problem persuading them to take out insurance against
finding themselves in a position where they are unable to repay their
loan.
But the policies have come under fire for being expensive and
providing limited cover. A PPI policy should make repayments for you
in the event of accident, sickness or ...