In the United Kingdom, a PPI is an insurance type policy that will cover your mortgage, credit car bills or loans if you are unable to work.
A PPI covers those who are unable to due injury or illness. In the past ten years, if you have had a loan, credit card or mortgage, you may have had a PPI. The PPI will cover payments for 12 months.
PPIs are charged in two ways. If you have a loan or mortgage, the PPI may have been charged in one lump sum. The PPI may have been added to the total loan amount. For those that have credit cards, the PPI may be billed on a month to month basis. The price one will pay for a PPI varies greatly from lender to lender. On loans, the average PPI premium is anywhere from 13-15% of the loans total value. PPIs can be extremely useful.
For More Information On PPI Go to PPI Freedom