At a time when every penny counts, millions of people are paying over the odds for protection that may not reflect their needs, according to the latest protection study from the Post Office.
The study shows that one in five full-time workers have more than one PPI policy and could save themselves up to £570 a year by taking out a single product that could cover all major household bills.
Duncan Caesar-Gordon of the Post Office comments: "In the current financial climate every household is understandably looking at their household budgets, and now more than ever, people are looking at the best way to save money. One of the first expenses that should be scrutinized is PPI, which can be a costly product. People should not look to get rid of their protection, especially as unemployment fears grow. People who are worried about being able to pay all their bills if they lost their income should look for one simple product that covers all their outgoings rather than having a separate policy for every loan and credit card.”
With Post Office Lifestyle Protection, consumers can not only save a substantial amount of money, but they can also gain peace of mind by being more protected at a time when they need it most. Switching to a product like Post Office Lifestyle Protection people could save up to £570 a year by ditching the PPI tagged on the back of a credit card or loan. Every £100 of cover costs just £4.50 a month and consumers can cover not only a credit card, mortgage or loan repayment but household bills too. Or better still a combination of all of them."
Income protection insurance: News update: October 2008