LPPI is the insurance that you take to help pay your monthly repayments on a financial commitment if you were unable to work through accident, sickness or unemployment.

Generally it is offered to you when you get a loan or credit card from the bank and the likelihood is that once you take your loan your will be asked by the bank to take loan protection insurance, loan protection or loan payment protection insurance (LPPI), although different names they are all the same thing.

In some cases you are not even aware you are taking loan protection and the banks have been under intense scrutiny to be more open with customers to make them aware that they are actually paying for loan protection with their loan which can add a significant amount to their monthly repayment.