After research by the comparison site found only 14 per cent of consumers consider PPI as crucial and 24 per cent do not know what it is, Walker is now encouraging more consumers to consider the product.
While the financial sector accounted for 38 per cent of PPI applications made online from January to August this year, Walker says more needs to be purchased amid worsening economic conditions.
She says: “Whether it’s mortgage or loan repayments or credit card commitments, Brits looking to insure their income should consider a PPI policy. It’s worrying that a quarter of us don’t know what it is. More concerning is a tenth of people would only buy a PPI policy if they felt their job was under threat.”
However, Walker says if the sector you are employed in has seen mass redundancies, you could be tarnished “high-risk”.
She says: “Be upfront with your adviser about your situation and get as much information on your policy as possible so you’re not in for any shocks. Exclusions and caveats are commonplace in a policy.”