Which?: There are alternatives to PPI
Monday, November 17, 2008 at 1:11 pm
Payment protection insurance (PPI) is not necessarily the best product out there for people worried about becoming unemployed, according to Which?.

Lucy Widenka, a personal finance campaigner at the consumer champion, said that her organisation welcomed last week's proposals from the Competition Commission that would ban single-premium PPI policies among other restrictions.

The Association of British Insurers had attacked the plans, saying that people who are made unemployed will be left without a necessary safeguard at a time when they need it most.

However, Ms Widenka appeared to reject this, commenting: "People should be properly financially protected and there are better products out there that cover your financial needs much better than a single product that will just cover one debt."

Statistics from Which? show that approximately 33 per cent of consumers who have taken out PPI cover over the last five years may be unable to make a claim on their policies because they meet at least one piece of exclusion criteria.

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