Which? approves IP as best PPI substitute

clock

Which? has endorsed income protection (IP) as the superior alternative to payment protection insurance (PPI).

It recommends the product compared to what it calls "over priced" PPI. The consumer watchdog has also supported the IFA community by recommending consumers to seek independent advice when buying financial products, rather than simply accepting the word of sales people. PPI has been widely discredited while suffering a significant backlash from both regulators and the public, and being labeled as one of the top ten most useless financial products in Which?'s Money Quarterly magazine is another nail in its coffin. According to the publication, adding PPI to a £7,500 five-year loan co...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income Protection

Tom Baigrie: 'Insurers and distributors are failing to market IP'

'We need to pick up the pace'

Tom Baigrie
clock 16 November 2020 • 3 min read

L&G paid out almost £300m for group protection in 2018

Rehabilitation services

Adam Saville
clock 09 May 2019 • 1 min read

'One in five' UK businesses lack expertise to manage absence

Zurich research

Adam Saville
clock 04 February 2019 • 1 min read