This is insurance which can be purchased to cover you if you are unable to make your monthly repayments due to an Accident, Sickness, Unemployment or in the event of a Critical Illness or Death.

This type of insurance policy pays a regular pre-agreed amount for a stated time if you can't work for specified reasons.

An insurance policy that is supposed to cover your loan repayments in the event you are unable to work. It recently emerged that this policy was mis-sold to millions of customers and as a result the banks have been forced to pay out billions of pounds in compensation to customers.