Post Office Head of Protection Products, Duncan Caesar-Gordon, comments on The Competition Commissions PPI working paper:
"The Post Office has been calling for an open market for PPI sales since 2006, where providers are honest with customers that other, cheaper, standalone products are available. PPI linked to a loan can cost five times more than standalone PPI. Many customers continue to have little understanding of PPI and some do not even realise they have this insurance in force. Others, who have been at the hands of aggressive sales tactics, can feel they have no choice but to take the expensive policy tied to a loan or credit card if they want their application to be accepted. If we want customers to trust our industry, these aggressive sales tactics must cease.”
The Post Office Lifestyle Protection covers accident, sickness, unemployment and life for just £4.50 per £100 of monthly cover.
Income protection: News update: January 2008