Payment Protection Insurance (also known as PPI, finance safety insurance, loan cash back insurance, not to be confused with cash flow protection or credit card cover) is an insurance product that is often intended to deal with a debt that is currently outstanding(only wages expense protection, or the Competition Commission preferred term “short term IP” is not individual to a debt but covers any income). This personal debt is usually in the form of a bank loan or an overdraft, and is most widely sold by finance institutions and other credit report service providers as an add-on to the loan or overdraft item. Payment Protection Insurance PPI