Payment Protection doesn't cost as much as you might think. The premium payable will vary, depending on:
Payment Protection Insurance is an upfront single premium product. This premium is added on to your loan at the commencement date of your loan.
Refunds and cancellation
You may cancel your Payment Protection Insurance at any time. A refund of the unused portion of the premium will be made to you.
The amount we might have to pay in the event of a successful claim or claims is greater at the beginning of the policy than at the end. As a result, more of the insurance premium is used in the earlier months of the cover period than at the end, and refunds are calculated to take account of this pattern.
As a result, more of the insurance premium is used in the earlier months of the cover period than at the end, and refunds are calculated to take account of this pattern.
If you cancel within 30 days of the commencement date of your loan, a full refund of the premium will be made.