Payment protection Insurance warning
Tue, 28 Oct 2008
With the threat of redundancies imminent across the unsettled property and financial sectors, there are predictions of a sharp rise in applications for payment protection insurance (PPI) . The independent PPI provider, Paymentcare, is warning that anyone who applies for income protection insurance, while knowing or suspecting that they may shortly be made redundant, could find that their cover has been invalidated. They would effectively be making a false declaration and this could result in a criminal prosecution.

One of the key stipulations in any PPI contract is that any knowledge of an impending redundancy must be declared by the applicant. This is usually unconcealed in application forms and not buried in the fine print. Latest figures from the Office of National Statistics show that rates of unemployment in Britain are rising and so are claimants for the Jobseeker's Allowance benefit .

Shane Craig, MD of Paymentcare, is expecting there to be a corresponding rise in people worried about covering their regular monthly outgoings.
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