What kinds of redundancy insurance are available?
There are three types of redundancy insurance available:
Payment protection insurance (PPI) - This is designed to protect your income against loan repayments. It usually pays out a fixed amount
for up to 12 or 24 months
Mortgage payment protection insurance (MPPI) - This kind of insurance policy can be taken out when you agree a mortgage with your lender.
It can pay out for 12 months after your income stops
Short-term income protection insurance (STIP) - This kind of policy replaces a certain amount of your salary and will pay out over a specific
period of time, usually 12 months or longer
You may be well aware of the news surrounding certain payment protection insurance policies, particularly those that have been sold in the past without
the customer’s knowledge. If you believe you have been affected by this you have until the 29th August 2019 to raise a complaint - please visit the
FCA website for more details.