Payment Protection Insurance makes headlines for all the wrong reasons
For many years payment protection insurance was sold extensively by banks, credit card companies and other lenders. The principle behind the insurance was simple; it was designed to protect a customer taking out a loan or credit from financial hardship if they could not keep up repayments as a result of sickness, accident or redundancy. Many customers viewed it as a valuable form of protection and up to twenty million policies were sold. In 2005; however, public feeling began to change after the Citizen Advice Bureau launched a ‘super complaint’ regarding the cover.
The complaint criticised the cover heavily claiming it was often expensive, provided poor value for money and had been widely mis-sold. As a result, in the following year, the Financial Services Authority and the Office of Fair Trading conducted their own investigations into the payment protection market. Their investigations confirmed many issues with the way the cover was being sold. Sub
Time.com just featured a piece on 10 odd insured body parts. Pittsburgh Steelers football player Troy Polamalu hasn’t cut his hair in years. He stars in Head & Shoulders commercials, and it was just announced that the shampoo company’s parent company, Procter & Gamble, has taken out a $1 million policy to protect the safety’s trademark hair as part of the endorsement deal. 