Insurancewide responds to banks decision to stop selling single premium PPI

James Harrison of Insurancewide comments, “In this climate Payment Protection Insurance (PPI) is a sensible product to invest in if you are concerned about not being able to meet repayments for loans, mortgages or other financial commitments. The danger lies in buying the wrong type of policy from non-insurance experts who give you incorrect product advice and who persuade you to part with more money than is necessary in a special loan 'package'. Single premium PPI policies sold with loans are an example of this – they not good value. This move by certain banks to withdraw them is a positive step towards consumers taking more control over their finances in these harsh economic conditions.”

Income protection insurance: News update: 26/01/2009