Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk

What is premium protection benefit?

This benefit is available on most life insurance policies, subject to your health and occupation.

It ensures that the premiums to the policy are met in the event of your prolonged sickness, accident or disability. I.e. if you are still off work after (usually) six months, then the insurer ‘waives’ the cost of your monthly insurance premium until you are able to return to work or retire.

It generally costs less than a couple of pounds per month to have this included in your policy.

Please note: Waiver of Premium does not provide redundancy cover. Also, it will only cover the payments for the life insurance policy itself – not your mortgage payments or anything other insurance.

For cover that protects additional expenditure such as your mortgage or living expenses, you should be looking at Income Protection or Mortgage Payment Protection, which we will be happy to help you with!

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