Income Protection Insurance - Payment Protection Insurance
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Payment Protection Insurance
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Payment protection insurance covers unemployment as well as poor health. However, it usually only pays out for a maximum of 12 months, or 24 months in a minority of cases, meaning a person suffering with a long-term illness or injury could still find themselves without an income for a considerable period.
Payment protection insurance is also commonly known as accident sickness and unemployment insurance (ASU), loan protection insurance, mortgage payment protection insurance (MPPI) and income payment protection insurance (when used to protect a policyholder’s general lifestyle).
With all these terms, payment protection insurance can often be confused with income protection insurance, especially as income payment protection insurance is often incorrectly labelled as income protection insurance – which can be very misleading.
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