Payment protection insurance is offered by all of the major high street banks and lenders these days, largely because they noticed that it was a highly profitable product that few people ever claimed on. Of course, their deceitful sales techniques, as reported by a large number of consumers since 2005, helped to make payment protection insurance this way. But the resultant investigations into the payment protection insurance industry by the Financial Services Authority, the Office of Fair Trading and the referral to the Competition Commission can only serve to make it fairer for all consumers.

Since payment protection insurance was thrust into the spotlight, more independent providers are evident and numerous insurance companies have expanded their product range to incorporate payment protection insurance. They have all recognised payment protection insurance for what it is ? an extremely valuable product that can help to protect consumers from getting into major financial difficulties should they have a source of income stopped as a result of illness, injury or unemployment.

As a result, consumers have more choice than ever. Despite bad reports, payment protection insurance still has over 14 millions policies in force today, and the majority of them are with high street banks and lenders in conjunction with a loan or credit card. However, standalone providers can offer cover for all debts held by an individual, even if they are spread over a range of credit cards and loans.

High street banks have come under fire as a result of the payment protection insurance scandal, but standalone providers have remained largely untouched. That is not to say that a standalone policy may suit you better, but the payment protection insurance policies that they offer are certainly worth looking into. The more scope you give yourself during the hunt for the perfect policy, the more chance you stand of getting the best product for you.