Supermarkets cash in on protection insurance scam
- 9TH MAY 2007
As supermarkets branch out in to every lifestyle area, including finance, one wonders whether picking up payment protection insurance (PPI) cover at the supermarket till along with your groceries is the right way to go.
Payment protection insurance cover provides a financial safety net that should you become unable to work due to illness, accident or unforeseen unemployment, then you will receive a tax-free monthly payment to helps towards your financial commitments.
The protection insurance industry has come under a lot of firr recently with tales of mis-sold policies, over priced premiums and policyholders ineligible to claim, which has caused the market to be referred to the Competition Commission for an in depth review.
So, with the market pretty shaky as it is – and with many existing payment protection insurance customers already expressing a lack of understanding as to what they are really covered for – it seems that buying your cover at the same time as you your jar of coffee shows little thought about what you are actually getting in to.
Payment protection insurance can be a bit more complicated than choosing what brand of baked beans you want to buy. In fact, keeping the roof over your head is of huge importance, so choosing insurance to protect your monthly commitments should be done so wisely.
When purchasing a policy you need to think about the cover you need; the protection offered (not forgetting to look at the all important exclusions); and the affordability. Visit an ethical standalone specialist provider such as British Insurance for your policy and keep to the supermarket for your groceries.
