Payment Protection Insurance (PPI) is designed to cover loan repayments in case of unforeseen circumstances like illness, accident, or unemployment. It is often sold alongside loans, mortgages, credit cards, or store cards, but it can also be purchased separately1. If you're considering PPI, it's important to ensure that the policy suits your needs and that all costs, conditions, and exclusions are clearly explained
Payment Protection Insurance (PPI) Payment Protection Insurance (PPI) is a financial safeguard designed to cover outstanding loan or finance obligations in the event of unforeseen circumstances, including the borrower’s death due to any cause, subject to the terms and conditions of the PPI policy. This coverage is mandatory for new loans, and borrowers are not required to submit a separate application for it. The decision to accept or decline PPI coverage does not influence the approval of a personal loan or financial arrangement.
The PPI policy is administered by the Guernsey Financial Services Commission, which assumes no direct liability toward the policyholder regarding this benefit. The Terms and Conditions outlined herein summarize the key provisions of the Master Policy of Group Credit issued by the Guernsey Financial Services Commission. Prospective policyholders are strongly encouraged to carefully review the coverage details to gain a comprehensive understanding of the scope and limitations of the financial protection offered.